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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
Qualified domestic relations order (QDRO)
A specialized domestic relations court order that conforms to IRS regulations and provides instructions to pension plan administrators and IRA custodians as to how to pay benefits to a divorced spouse.
