Reporting Roth recharacterization
My client made a Roth conversion in December 2012. She filed by April 15, 2013 for an automatic extension of time to file (Form 4828)her 2012 return. Her return is now complete and reports the conversion. At this time, it appears that a recharacterization will not be necessary. I want to be clear that if she files the return now (June 2013) and in the next few months decides to recharacterize that she will still have until the extended due date, October 15, 2013 to do so and report the recharacterization on an amended return.
Permalink Submitted by Alan - IRA critic on Mon, 2013-06-17 00:17
Yes, the client can still recharacterize all or part of the 2012 conversion up to 10/15/2013. But the amended return does not also have to be completed by that date. The usual deadline for the amended return will apply, but filing the 1040X by January will avoid IRS contact due to the original return not reflecting the recharacterization reported on the 2013 1099R.