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March 3, 2009

What is the deadline for recharacterizing my IRA contribution?

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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 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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