Reversing Roth contribution, then converting
A client makes a 2014 contribution to their Roth in March, 2015. Now realizes AGI is too high for 2015 (filing October 15). If he transfers the contribution to a regular IRA, how long does he need to wait before making a Roth conversion back to the Roth? Thanks!
Permalink Submitted by Alan - IRA critic on Sun, 2015-10-11 20:45
I think you meant that AGI will be too high for 2014. If the Roth contribution can be recharacterized (only 4 days left for that and for the extension), there is no waiting period to convert back to Roth because it was a regular contribution being recharacterized, not a conversion.