Message Font: Serif | Sans-Serif
No. of Recommendations: 2
I'd reason the same thing. But Pub 590-A, p.32 says

More than one IRA. If you have more than one IRA, figure the amount to be recharacterized only on the account from which you withdraw the contribution.

But clearly, you can only use the IRA to which the original contribution was made.

Per worksheet 1-3, the amount to recharacterize is the ratio of the gain (or loss) on the IRA with the conversion amount, divided by the value of the IRA when the conversion amount was added. Multiply this by the original contribution amount and that will be the amount to recharacterize.

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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.