Recharacterization Due Date Extended
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You can undo certain contributions made to on type of IRA to that of another. This must take place though before the due date of the tax return for the year of contribution, including extensions for the recharacterization to be valid.
Reg. §1.408A-5, Q&A 6 is the regulation that provides what needs to be done for recharacterizing contributions. The taxpayer must notify the trustee of the intent to recharacterize and provide information sufficient to effect the recharacterization, and then the trustee must actually make the transfer
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West Seneca, NY -
(716) 827-1980 -
sstrachan@irshelp.com
Michael Tamsett
- Title
- Enrolled Agent
- Services
- Income Tax Preparation for all types of businesses, and individuals IRS and State Audit Representation.
- Phone
- 212-941-0829
- mtamsett77@hotmail.com