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Answer:
Yes, this can be done.
Typically, the account-owner simply opens a new Roth account and requests the custodian to move the funds at the request of the traditional IRA owner.
Penalties will generally not apply, however, federal and state income taxes may generally be due at the account-owner's individual marginal tax rate. All amounts converted from the traditional IRA to the Roth IRA will show up as ordinary income on the account-owner's 1040 in the year of conversion.
Typically, the account-owner simply opens a new Roth account and requests the custodian to move the funds at the request of the traditional IRA owner.
Penalties will generally not apply, however, federal and state income taxes may generally be due at the account-owner's individual marginal tax rate. All amounts converted from the traditional IRA to the Roth IRA will show up as ordinary income on the account-owner's 1040 in the year of conversion.
First answer by Jefffou.
Last edit by Jefffou.
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