$104.95 
Learn more
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.
advertisement
Featured Books
Tax Glossary
Foreign tax credit
A credit for income taxes paid to a foreign country or U.S. possession. 401(k) plan. A deferred pay plan, authorized by Section 401(k) of the Internal Revenue Code, under which a percentage of an employee’s salary is withheld and placed in a savings account or the company’s profit-sharing plan. Income accumulates on the deferred amount until withdrawn by the employee at age 59?
