Undo Roth Conversion 2022
We have a client that converted a $25k IRA to a Roth at the beginning of 2022. With the market down the account is worth about $7,000 less. Can they undo the conversion for 2022, then redo it again at some point?
We have a client that converted a $25k IRA to a Roth at the beginning of 2022. With the market down the account is worth about $7,000 less. Can they undo the conversion for 2022, then redo it again at some point?
Permalink Submitted by Alan - IRA critic on Mon, 2022-10-24 21:24
No. Recharacterizations of Roth conversions done in 2018 or later were eliminated by the TCJA, therefore this conversion cannot be undone.