I'm helping a friend transfer some assets out of Amerprise and Vilec (sp?) and have a simple question.
Can what is noted at Vilec as a "Traditional Rollover IRA" be rolled to Vanguard into a Roth or does it have to be rolled to a traditional IRA? I assume since it says its a rollover IRA, it was already rolled from somewhere else in the past but my friend is clueless and doesn't know. I guess the question is can a traditional IRA be rolled into a Roth and if so, are there tax consequences?
Can what is noted at Vilec as a "Traditional Rollover IRA" be rolled to Vanguard into a Roth or does it have to be rolled to a traditional IRA? I assume since it says its a rollover IRA, it was already rolled from somewhere else in the past but my friend is clueless and doesn't know. I guess the question is can a traditional IRA be rolled into a Roth and if so, are there tax consequences?