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.

advertisement
Tax Glossary

Trust

An arrangement under which one person transfers legal ownership of assets to another person or corporation (the trustee) for the benefit of one or more third persons (beneficiaries).

More terms