Partial Recharacterization
Converted 53k our intent was to convert only 33k, if we rechar 20k is that a problem? Will this null and void the whole conversion?
Converted 53k our intent was to convert only 33k, if we rechar 20k is that a problem? Will this null and void the whole conversion?
Permalink Submitted by Alan - IRA critic on Mon, 2013-12-23 18:24
You can recharacterize as much as you want and only report the remaining conversion on your tax return. The deadline to recharacterize a 2013 conversion is 10/15/2014, but there is no reason to wait if you are sure you want to recharacterize. Note that earnings (+ or -) on the portion you recharaterize affects the amount that is transferred back to your TIRA account.