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Author: EditorialWe Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76384  
Subject: Help meeeee! Date: 9/13/2000 2:54 PM
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My husband funded a Traditional IRA with $2000 for the 1999 tax year. We learned as we were doing our taxes that the contribution was not deductible due to one day of pension-eligible union work that he did in 1999. (Yes, I posted about this earlier, in case it sounds familiar.) Due to the tax software we were using, we did report this contribution on the appropriate form, though of course it made no difference in our tax amount, being non-deductible.

When I posted about this formerly I was told that we could 'recharacterize' this contribution as a Roth - since it was non-deductible in the first place - without penalty. I was told, I think, that we could do this by filing an amendment to our tax return by 10/15.

I apologize for asking the same question again, but I need detailed info. What form do we need to file? Is it true that we only need to 'amend' the existing return, not re-file the whole thing? My husband is freaking because he called T. Rowe Price and got the big "duhhhh" from the rep, who seemed to think we had to re-file our whole return and that the deadline to do so had passed. I think the rep probably thought he was talking about a 'conversion' and not a 're-characterization' - not surprising since they probably get asked about conversions all day long.

Thanks in advance!!!
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