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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.

Hi! I do remember you.

Here's what you need: Form 1040X and its instructions, and Form 8606 and its instructions.

Because your original contribution was nondeductible, the numbers on the 1040X aren't going to change. It's really just a cover sheet for the 8606.

On the 8606, Part I, you'll remove the nondeductible traditional contribution and adjust your basis accordingly. That's all you need to do on the form. You'll attach an explanation of what you did.

You'll find at the beginning of the 8606 instructions the information to include about why you can do this any time through 10/16/2000.

That should cover it, but feel free to come back if you have more questions as you get into it.

Phil Marti
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