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T. M.
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You don't need to recover the money, this can be solved simply by doing a Roth conversion. Most places that handle IRAs can do them easily. Contact your IRA custodian and ask to convert the IRA to a Roth. You'll have taxable income on any balance above your $5500 basis in the account, but that should be minimal.

Many IRA custodians with online access you can simply log into your account and do the roth converstion yourself.

Edit: @craigw is correct, if your income is within the Roth contribution limits, a recharacterization is the better option if the account value is above $5500. I forgot the new tax law eliminated recharacterizations only for previous conversions.

You don't need to recover the money, this can be solved simply by doing a Roth conversion. Most places that handle IRAs can do them easily. Contact your IRA custodian and ask to convert the IRA to a Roth. You'll have taxable income on any balance above your $5500 basis in the account, but that should be minimal.

Many IRA custodians with online access you can simply log into your account and do the roth converstion yourself.

You don't need to recover the money, this can be solved simply by doing a Roth conversion. Most places that handle IRAs can do them easily. Contact your IRA custodian and ask to convert the IRA to a Roth. You'll have taxable income on any balance above your $5500 basis in the account, but that should be minimal.

Many IRA custodians with online access you can simply log into your account and do the roth converstion yourself.

Edit: @craigw is correct, if your income is within the Roth contribution limits, a recharacterization is the better option if the account value is above $5500. I forgot the new tax law eliminated recharacterizations only for previous conversions.

Source Link
T. M.
  • 1.5k
  • 7
  • 12

You don't need to recover the money, this can be solved simply by doing a Roth conversion. Most places that handle IRAs can do them easily. Contact your IRA custodian and ask to convert the IRA to a Roth. You'll have taxable income on any balance above your $5500 basis in the account, but that should be minimal.

Many IRA custodians with online access you can simply log into your account and do the roth converstion yourself.