Recharacterization
I made a conversion from a regular IRA to a Roth IRA on Jan. 5, 2010. If I choose the split option and declair 1/2 as income in 2011, do I have until Oct 15, 2012 or October 15 2011 to recharacterize back to a regular IRA?
I made a conversion from a regular IRA to a Roth IRA on Jan. 5, 2010. If I choose the split option and declair 1/2 as income in 2011, do I have until Oct 15, 2012 or October 15 2011 to recharacterize back to a regular IRA?
Permalink Submitted by Alan Spross on Wed, 2010-01-13 23:08
10/17/2011 because 10/15 is on a weekend. That date is also the deadline to decide to take the two year deferral or opt out of it and report all the income in 2010. By this date will fully know your 2010 tax picture and also whether Congress has increased taxes in 2011.