I am a physician who after years in practice decided to re-train in another specialty. My earlier Keogh and later 401k were rolled over into an IRA. Needless to say my income plummeted as I went from practicing MD to resident in training. Can I take advantage of this window of time where I make $40K/year and where the market has plunged, and recharacterize my IRA as a Roth IRA... or will I be forced to recharacterize once again in 2 years when my income returns to 6 figures?
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