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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

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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