October 15: Deadline for Completing Recharacterizations
October 15, 2020 is the deadline by which recharacterizations of 2019 regular Roth and Traditional IRA contributions must be completed October 15, 2020 is the
Roth IRAs
Scroll down for Roth IRA content: A Roth IRA is an individual retirement account that is funded with amounts that have already been taxed. Earnings grow tax-deferred and qualified distributions are tax-free. This category includes various content that focuses on Roth IRAs. Please check back often as we add more content.
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Qualified distribution- Roth 401(k)
Definition A distribution from a Roth 401(k) that satisfies certain requirements, resulting in the distribution being tax-free and penalty free. Distributions that are non-qualified may
Computation period
Definition The period beginning immediately prior to the time that the contribution or conversion that is being returned or recharacterized was made to the IRA
Adjusted closing balance
Definition The adjusted closing balance is the fair market value of the assets at the end of the computation period plus: Any distributions from the
Adjusted opening balance
Definition For purposes of computing the NIA (net income attributable) on a recharacterization or return of excess IRA contribution. The fair market value of the IRA
Partial Recharacterization
Definition A recharacterization of less than the account balance (from which the contribution or conversion is being recharacterized), or less than the total (traditional or
HSA Funding Distribution (HFD)
Definition A qualified HSA funding distribution (QHFD) is a distribution from a traditional IRA or a Roth IRA , that is made to the individual’s Health
