Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Author: aptiva4 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121179  
Subject: Reporting of Recharacterization of Roth IRA Date: 3/9/1999 11:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

I converted some IRA to Roth in 12/98. Now, I found I can't because of the $100K MAGI limit; and have to recharacterize it back to IRA.

Do I have to wait for the 1099R for the recharacterization before I file my tax return? If no, will I be getting a routine letter from IRS saying that my numbers don't jive with the 1099Rs ??

TIA
Print the post Back To Top
Author: TheOthermfa One star, 50 posts Motley Fool One Everlasting Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 11825 of 121179
Subject: Re: Reporting of Recharacterization of Roth IRA Date: 3/10/1999 8:19 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I think you've got until April 15 to recharacterize. Just send the trustee a letter.

Print the post Back To Top
Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 12058 of 121179
Subject: Re: Reporting of Recharacterization of Roth IRA Date: 3/12/1999 10:19 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
[[I converted some IRA to Roth in 12/98. Now, I found I can't because of the
$100K MAGI limit; and have to recharacterize it back to IRA.]]

Correct....

[[ Do I have to wait for the 1099R for the recharacterization before I file my tax
return? ]]

No...but you will really want the 1099R for the original conversion. You'll have to report that information on Form 8606. But the 1099 for the recharacterization has no real meaning to you for tax year 1998.

[[If no, will I be getting a routine letter from IRS saying that my numbers
don't jive with the 1099Rs ??]]

No...because you'll complete Form 8606 to make the numbers match with the information that Uncle Sammy has on the original conversion.

You can read more about conversions in the Taxes FAQ area.

TMF Taxes
Roy

Want to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.


Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post Back To Top
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Next Thread
Advertisement