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March 3, 2009

What is the deadline for recharacterizing my IRA contribution?


What is the deadline for recharacterizing my IRA contribution?

What is the deadline for recharacterizing my IRA contribution?

Your contribution must be recharacterized by your tax-filing deadline including extensions. Taxpayers who operate on a Calendar year and file their tax returns by April 15 or file for an extension by April 15 receives an automatic extension of 6-months ( until October 15) to recharacterized their contributions. For instance, if the contribution is for the 2010 tax year, it must be recharacterized by October 15,2011.

If October 15 falls on a weekend or public holiday, the deadline is extended until the next business day. Cite: IRC § 7503

Your recharacterized contribution must include any net income attributable (NIA) to the contribution

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 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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