Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I ran a search to see if I could find an answer but couldn't get a read on my specific situation. Essentially, I was downsized last year and had my 401(k) rolled over to a Vanguard IRA (trustee to trustee). As I understand it, I have to report the amount on line 16 of the 1040 and that should be it for this step.

I took the further step of converting the IRA to a Roth toward the end of 2002. Then, for personal reasons, I decided to recharacterize it *back* to a traditional IRA in Feb, 2003. Thus, it becomes a 'wash'. I'm assuming I have to somehow account for these maneuverings on my 1040, but I'm not sure how to do that exactly, or if its even necessary.

As an aside, I know I have to wait 30 days before I can convert to a Roth again, should I decide to do so.

Print the post  


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.
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.
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.