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Q&A: "I am Going to be Receiving a $200,000 Inheritance. Where do I put this Money?"

Question and background: I am a 40 year old single female. I am going to be receiving a $200,000 inheritance. Where do I put this money? Annuity? Roth? Invest? I make $40,000 annually. I have $40,000 in 401k. I have $60,000 left on mortgage for condo that is underwater but no other debt. I have $20,000 liquid. I want to make the best decision for future financial security.

Insurance Investment Retirement Accounts Tax

Q&A: "I'm a Self-Employed Sole Proprietor. Is it Possible to do a Back Door Roth Conversion Using a SEP-IRA?"

Question and background: I'm a self-employed sole proprietor. Can I do a sort of "backdoor" Roth by contributing a (deductible) amount to a SEP-IRA (such as the maximum) and then in the same tax year (indeed just days later) convert that full amount to a Roth IRA (paying taxes on that income)? Would that affect that single year's tax return as first a reduction in taxable income, but then an addition of the same amount for the conversion income?

Retirement Accounts Tax