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If you converted from IRA to Roth on November 30, 2017 and then did a recharacterization on December 22 2017 (didn't know there was a time frame of 30 days or until 2018 before recharacterization). What do you have to do to fix this?

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There is nothing to 'fix' at this point. If the recharacterization was for the full amount converted, the broker forms you received should indicate this. Since the recharacterization was done before year end, you may not get a 1099 at all.

If you do, you'll indicate on your tax return that this amount was eligible for recharacterization and it all was.

Deadline for recharacterization was not the end of 2017, but the date for filing the return for 2017. And, for what it's worth, the rules permitting recharacterization of a conversion have been changed. No longer allowed for tax years 2018 and beyond. Only allowed to change the status of a contribution for that year.

  • the amount put into Roth was $25,000 and couldn't do whole amount only to recharize $24,976 – Marilyn J Todd Feb 19 '18 at 14:44
  • "And, for what it's worth, the rules permitting recharacterization have been changed. No longer allowed for tax years 2018 and beyond." To be specific, recharacterization to "undo" a conversion to Roth is no longer allowed. Recharacterization from one type of contribution to another is still allowed. – user102008 Feb 19 '18 at 16:24
  • Yes. Edited to clarify. – JTP - Apologise to Monica Feb 19 '18 at 17:17
  • Marilyn, can you add the exact details? Did you convert $25000 to a new Roth, it went down $24, and you recharacterized the entire remaining amount back to the Traditional IRA? – JTP - Apologise to Monica Feb 19 '18 at 17:18
  • What I did was convert $25000 to a roth and tried to recharacterize but only $24,976 was able to go back to IRA and rest left as a roth – Marilyn J Todd Feb 19 '18 at 22:06

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