Can I convert an inherited IRA, 401(k) or 403(B) to a Roth IRA? In this episode of Ask The Hammer, Jeffrey Levine - aka The Hammer - answers the question: Can I convert an inherited IRA, 401(k) or 403(B) to a Roth IRA?... ( read more )
LEARN MORE ABOUT: IRA Accounts
TRANSFER IRA TO GOLD: Gold IRA Account
TRANSFER IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
Many people inherit Individual Retirement Accounts (IRAs), 401(k)s, or 403(B)s from a loved one. In some cases, they wonder if it is possible to convert an inherited plan to a Roth IRA. The short answer is: it depends on which type of plan you inherited. Inherited Traditional IRA: If you inherited a traditional IRA from someone who was not your spouse, you cannot convert it to a Roth IRA. Instead, you will need to take Required Minimum Distributions (RMDs) each year based on your life expectancy. These distributions will be taxed as ordinary income. Inherited 401(k) or 403(B): I
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