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Can I Still Recharacterize a 2010 Roth IRA Conversion?

Wednesday, February 29, 2012  1 comment

You will receive various questions as the tax deadline draws near, and a popular one involving IRAs goes something like: "Can I still recharacterize my 2010 Roth IRA conversion?" Many people will realize that they must begin to pay taxes on this conversion this year, and some will ask if the conversion can be undone, especially if he or she doesn't have the money to pay the tax. The answer and advice you need to give can be found in the below video from our YouTube page, IRAtv.

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1 comments:

Ed - Thank you for your post on this. I am facing a $6,000 tax bill which I do not have at this time. Please keep us updated if you hear any posiive news on the private letter ruling. I thought this move was a good one at the time, but now it is turning into a big problem for me....

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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Q:
I transferred a stock from my IRA to my regular (non IRA account) and then transferred the exact same number of shares of the same stock back into my IRA within 60 days. However, the value of those shares was $10,000 higher.

Do I have a problem because I put more money into the IRA even though I transferred the same number of shares?

Thanks
Mark

A:
There is no problem. Your distribution of property (shares of stock) from your IRA qualifies to be rolled over tax-free within 60 days only if the identical stock is rolled over to a receiving IRA. It is common for the value of stock to change during the 60-day window. That’s OK and still qualifies as a tax-free rollover. When your tax return is filed for the year, your tax preparer may want to attach a note to explain the different values.

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