401k to Roth

Submitted by Robert Wright on Wed, 2010-08-04 09:16

I converted a 401k to a Roth IRA in May, 2010.

1. Do I need to file an extension for my 2010 federal taxes in order to re-characterize the IRA up until Oct 17, 2011?
2. Can I re-characterize the Roth IRA to a TIRA or must it go back to a 401k? I am no longer a participant in the 401k.

Thanks.

Flag as spam

Permalink Submitted by Joseph Arsenault on Wed, 2010-08-04 19:59

1) If the taxpayers return is timely filed without making the initial election to recharacterize, they can still file an amended return no later than the extension deadline, so while its advised that you extend, you could amend the return as long as your return was timely filed in the first place.
2)You can recharacterize it back to a TIRA, it does not have to go back into your old 401k.