Recharacterization
A taxpayer contributed to a Roth IRA for the 2014 tax year. Unfortunately due to income he was ineligible to make a contribution. He intends on recharcterizing to a traditional IRA followed by a re-conversion.
Question
Does he still need to wait the later of more than 30 days or the next calendar year? Or can he reconvert (via the backdoor Roth) immediately?
Thank you
Permalink Submitted by Alan - IRA critic on Thu, 2015-02-26 17:32
There is no waiting period to convert after a recharacterized regular contribution. The waiting period only applies to a recharacterized conversion’s following reconversion. This taxpayer has not recharacterized a conversion.