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Can I recharacterize only a percentage of the contribution I made to my Traditional IRA?

Last Updated September 16, 2011

Question: 

Can I recharacterize only a percentage of the contribution I made to my Traditional IRA? Or do I need to recharacterize the entire amount? I want to have a portion applied to my Roth IRA.

Answer: 
Yes. You can recharacterize a percentage of your IRA contribution. Bear in mind that amounts being recharacterized must include any net income attributable (NIA) to the amount. Computation of the NIA requires use of the formula provided here http://www.retirementdictionary.com/definitions/netincomeattributablenia.
As a reminder, the deadline for completing your recharacterization is your tax filing due date. If you filed your tax return by the due date, or filed for an extension by the due date, you receive an automatic 6-month extension to complete the recharacterization. For calendar year tax filers, this extended deadline would be October 15[1].


[1] The deadline is extended to the next business day, if October 15 falls on a non-business day.