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I made a mistake of transferring money from a rollover IRA to Roth IRA, Can I undo the mistake and avoid the taxes
November 17, 2019
2:40 PM
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Retirement tax questions
If you moved money from an IRA to a ROTH then that is called a conversion ... you have until the filing deadline to undo the conversion (in full or any part) ... that is called a recharacterization which is no longer allowed since the change.
November 17, 2019
3:01 PM
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Retirement tax questions
Sorry but the Tax Cuts and Jobs Act (TCJA) prohibits recharacterizing Roth IRA conversions from 2018-2025. Once converted - it cannot be undone.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
November 17, 2019
3:40 PM
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Retirement tax questions
I stand corrected ... see IRS : https://www.irs.gov/retirement-plans/ira-faqs-recharacterization-of-ira-contributions
November 17, 2019
3:45 PM
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