recharacterization time line
I converted a t-ira to a roth ira. The amount has now gone down in value.I would like to recharacterize back to a T-ira. I filed my 2007 tax return on time. I can revoke my conversion by Oct15, 2008. Can I then recharacterize back to a roth ira in 30 days,or am I too late(nov.16,2008) for tax year 2007?
Permalink Submitted by Alan Spross on Mon, 2008-09-08 20:41
What you want to do is a reconversion after a recharacterization. You are correct about the recharacterization deadline, and then you have to wait until the 31st day after the recharacterization to reconvert. However, the reconversion will be a 2008 conversion which you must qualify for using 2008 modified AGI. It will not affect your 2007 return.