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Submitted By: Walter
Answered: April 22, 2016 11:52 am
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
Deferred compensation
A portion of earnings withheld by an employer or put into a retirement plan for distribution to the employee at a later date. If certain legal requirements are met, the deferred amount is not taxable until actually paid, for example, after retirement.
