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.

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Tax Glossary

Alimony

Payments made to a separated or divorced spouse as required by a decree or agreement. Qualifying payments are deductible by the payor and taxable to the payee.

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