mistake- contribute after tax money into traditional IRA
Vanguard convert it to a Roth IRA early in 2013 but now it is being taxed as a IRA distribution. What can I do?
Vanguard convert it to a Roth IRA early in 2013 but now it is being taxed as a IRA distribution. What can I do?
Permalink Submitted by Alan - IRA critic on Wed, 2014-04-02 04:15
If a TIRA was converted to a Roth in 2013, it would be taxable unless the TIRA had been funded by non deductible contributions reported on Form 8606. But that conversion can be reversed by recharacterizing it back to the TIRA. The deadline is 10/15 provided the 2013 return is extended OR filed by 4/15.