Question from Marietta
April 5, 2011 at 6:44pm
Hi, I retired and got a administration from my aggregation in 2010. I anticipation I capital to accomplish it into a Roth but aback seeing the taxes, absitively adjoin accomplishing it. Schwab issued a 1099 and again accelerate the recharacterization. Do I accept to do any advertisement of that or will the recharacterization aback to an alone IRA be sufficient? I did not book yet.
Answer: Marietta – The instructions to anatomy 8606 explain the advertisement issues accompanying to a recharacterization.
The instructions say, in part:
Generally, you can recharacterize (correct) an IRA contribution, Roth IRA conversion, or a Roth IRA rollover from a able retirement plan by authoritative a trustee-to-trustee alteration from one IRA to addition blazon of IRA. Trustee-to-trustee transfers are fabricated anon amid banking institutions or aural the aforementioned banking institution. You about charge accomplish the alteration by the due date of your acknowledgment (including extensions) and reflect it on your return. However, if you appropriate filed your acknowledgment after authoritative the transfer, you can accomplish the alteration aural 6 months of the due date of your return, excluding extensions. If necessary, book an adapted acknowledgment absorption the alteration (see folio 5). Write “Filed pursuant to area 301.9100-2” on the adapted return.
The instructions accommodate a cardinal of examples that will added explain the process.
You do charge to complete a anatomy 8606 as allotment of your assets tax return.
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