The tag has no usage guidance.

learn more… | top users | synonyms

4
votes
3answers
88 views

Waiting time before converting IRA after re-characterization

I re-characterized my 2015 Roth IRA contributions as traditional, non-deductible IRA contributions. I would now like to convert all my traditional contributions to Roth IRA. How long do I have to wait ...
0
votes
1answer
32 views

Can I recharacterize my Roth since my income this year is foreign?

I moved abroad a couple years ago, but 2015 is the first year that I am claiming to be a bona fide foreign resident. I have been contributing to a Roth IRA for years. Filling out my return this year, ...
0
votes
1answer
30 views

Is recharacterization of an IRA contribution potentially a taxable event?

I contributed $5500 to a new Traditional IRA earlier this year. Since I did not have a 401(k) at work, it would have been deductible. However, now I am getting a 401(k), and my income is over the ...
3
votes
1answer
61 views

How do I determine the total amount and composition of a Roth IRA in-kind re-characterization?

I have to re-characterize all of my 2015 Roth IRA contributions. I made contributions throughout the year. I've used the contributions from this year and previous years to buy various stocks. I ...
3
votes
1answer
65 views

If I contribute to a Roth IRA and then end up exceeding the income limit, can I withdraw without extra taxes or penalties?

Let's say I contribute to a Roth IRA, and then my income ends up being higher than I expected for the year, above the IRS limits for Roth IRA contributions. I know I can recharacterize to a non-...
3
votes
1answer
53 views

Can an IRA recharacterization be unrecharacterized?

Here's what happened: I made the maximum contribution to a Roth IRA this year. I thought about how my marginal tax rate now is a lot higher than I expect it to be in retirement, so I decided a ...
3
votes
2answers
62 views

Can you recharacterize an IRA distribution?

It is possible to recharacterize an IRA contribution, for example, by moving money contributed/converted to a Roth IRA account into a Traditional IRA account. Is it possible to "recharacterize" a ...
0
votes
2answers
60 views

Roth IRA recharacterization, earnings, and conversions

The way I see it, a Roth IRA has 3 implicit buckets of money withdrawn in this order (with the big "conversions" bucket actually being a large number of smaller buckets): Contributions Conversions (...
0
votes
1answer
145 views

How to file form 8606 when doing a recharacterization followed by conversion?

I made a $5500 contribution to my Roth IRA in 2015 (T1). Later I recharacterized this contribution. The market had gone down and I only got $5090 in my TIRA when the recharacterization happened (T2)....
2
votes
0answers
73 views

Can IRA contributions be recharacterized multiple times

Are there limitations on recharacterizing (not converting) IRA contributions such that you could not re-characterize a contribution multiple times? Recharacterized an Roth IRA to a traditional IRA, ...
2
votes
2answers
117 views

What rules are there for re-characterizing IRA contributions for current tax year?

I have contributed $5,500 to a Roth IRA for tax year 2014. My income is variable due to a variety of factors throughout this year, so I do not know whether my income will be within the limits for ...
3
votes
1answer
83 views

Requested to recharacterize 2013 IRA contributions. Broker insists I fill out a “Conversion” form. Is this normal?

After getting some good answers to my earlier question, and doing some of my own research, I asked my broker to help me recharacterize my 2013 Traditional IRA contributions as Roth contributions. ...
0
votes
1answer
137 views

Conflicting information about late recharacterizing of excess contributions

Say someone contributed more than they were allowed to for a Roth IRA in Year 1 (therefore, there was an excess contribution). Can they still re-characterize that contribution to a Traditional IRA ...
2
votes
1answer
71 views

Recharacterizing a Roth IRA contribution made in 2010?

In 2010 I rollovered money from a 401(k) to a Roth IRA. At the time, I chose to defer the taxable income to 2011 and 2012. However, I am now just learning about recharacterization. Is it too late for ...
2
votes
2answers
348 views

How do I recharacterize Traditional IRA contribution to Roth that was converted to Roth?

What forms do I fill out for my broker to recharacterize my 2010 Traditional IRA contribution that was in my traditional IRA that I completely converted to a Roth IRA in 2010 right after the above ...
5
votes
2answers
444 views

How can I back out excess IRA contributions when my IRA has a zero balance?

I accidentally over contributed $25 to my traditional IRA last year giving a total non-deductible contribution of $5025. This was then converted along with all my traditional IRAs into Roth IRAs in ...
2
votes
1answer
347 views

What do I do with excess contribution to traditional IRA that was converted to a Roth IRA?

I accidentally over contributed $25 to my traditional IRA last year giving a total non-deductible contribution of $5025. This was then converted along with all my traditional IRAs into Roth IRAs in ...
5
votes
2answers
3k views

Can you recharacterize a Roth 401(k) contribution?

I understand that you can recharacterize Roth IRA contributions back into traditional IRA contributions by the next April 15, if you change your mind and decide it would make sense. Then you won't owe ...