unwinding a conversion to a Roth
in Dec 2007 my client moved 19k from his IRA to a Roth for tax yr 2007 & paid taxes on it. Today the fund is down to 14k. I’m assuming it’s too late to unwind this conversion since we’re past his tax filing deadline, but what if he amends his return? In other words, is there any way to unwind this & recover the taxes paid?
Permalink Submitted by mk foss on Fri, 2009-01-30 19:23
It was possible to unwind the situation up until October 15, 2008. If it was done timely, the client would have had the funds transferred back to the originating IRA and amended the 2007 1040.
It’s too late now.