Converting an Inherited IRA to a Roth IRA

Submitted by Wendy Mommaerts on Thu, 2011-04-14 03:03

I am attempting to convert a regular IRA to a Roth IRA for a friend. She received it from her husband when he died. I would think that it would then be considered an inherited IRA. When I list it as an inherited IRA in TurboTax it doesn’t let me record the conversion. If I say she didn’t inherit it I can then record the conversion. She got it from her husband and now it is her IRA. Am I missing something?

Thanks, Wendy



Submitted by Alan Spross on Thu, 2011-04-14 04:03

Yes, just report it as owned. If she converted it then she is deemed to have assumed ownership of it first. The 5498 issued to report the contribution to the Roth IRA will show the spouse as owner.



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