Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: loopholes One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 125003  
Subject: Re: Roth IRA contribution recharacterize Date: 4/5/2009 9:56 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
alternatively, you might be able to elect to recharacterize the contributions to the Roth IRA as contributions to a regular IRA. You'd have to do a trustee-to-trustee transfer of the amounts originally contributed, minus the attributable losses, from the Roth to a nondeductible regular IRA, and make an election on your tax return to have the contributions treated as having been made to the regular IRA as of when they were made to the Roth. If you're recharacterizing your contribution from Roth to nondeductible IRA, then for form 8606, your basis would be the amount you contributed originally to the Roth, not the cash amount transferred on the date of conversion.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.