Submitted By: Walter
Answered: April 22, 2016 11:52 am

I inherited a traditional IRA. Can I convert it to a Roth IRA?

Yes. Making the conversion requires you to report all the income in the account, so determine whether you want or can afford to do this. You can opt to convert only a portion of the account.

Tax Glossary

Simplified employee plan (SEP)

IRA-type plan set up by an employer, rather than the employee. Salary-reduction contributions may be allowed to plans of small employers set up before 1997.

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