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Returning Member
posted Apr 17, 2020 6:24:41 PM

convert Roth IRA contribution to a tradtional IRA

If I convert part of my 2019 ROTH contribution to a Traditional IRA in 2020 (before I file taxes for 2019),

can that converted contribution be deducted on my 2019 taxes?

0 2 344
2 Replies
Level 15
Apr 17, 2020 7:22:39 PM

You mean recharacterize, not convert.  Whether or not the resulting traditional IRA contribution for 2019 is deductible will depend on whether or not you or your spouse is covered by a workplace retirement plan, your filing status and your modified AGI for the purpose.

 

https://www.irs.gov/retirement-plans/ira-deduction-limits

Level 15
Apr 17, 2020 7:30:08 PM

I think you mean recharacterize (treat the Roth as a Traditional IRA contribution as if the Roth contribution  never happened), not convert - a Roth can never be converted to a Traditional IRA.

 

Yes you can have the Roth IRA trustee do that and move both the Roth contribution and any earnings attributed to that contribution  to a Traditional IRA prior to the July 15 due date (or Oct 15 if you file a timely extension).  The IRA trustee would issue a 2020 1099-R reporting the recharacterization next January.

 

It would be deductible if you otherwise qualify to deduct it.