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March 3, 2009

I recharacterized my Roth IRA contribution to a Traditional IRA contribution last year. Can I have it reversed?

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I recharacterized my Roth IRA contribution to a Traditional IRA contribution last year. Can I have it reversed?

I recharacterized my Roth IRA contribution to a Traditional IRA contribution in December of last year ? Can I have it reversed?

No. Once a recharacterization is processed (completed), it becomes irrevocable. You now have a traditional IRA contribution. However, if you are still within the deadline for completing a recharacterization, you may recharacterize that traditional IRA contribution to your Roth IRA. For more on recharacterizations, please see the definition here

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Excess deferral

Definition Salary deferral contributions, contributions are limited to the lesser of the IRC § 402(g) limit or 100% of compensation. Salary deferral contributions in excess

Compensation Cap

Definition The compensation cap is the maximum amount of compensation that may be taken into consideration when determining contributions  to employer sponsored retirement plans,  such

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

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