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

First-year expensing (or Section 179 deduction)

A deduction of the cost of business equipment in the year placed in service.

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