I opened a Roth IRA in 2016 and funded it with $3,600.
I did not make any additional deposit afterward.
I did not fill my taxes yet.
Can I recharacterize it to a Traditional IRA? What are the impacts? Any fees/penalties? How do I handle that in my tax return? Should I just declare the contribution of $3,600 to a Traditional IRA and not even mention that it was first a Roth IRA contribution?
What forms should I request from my IRA custodian to make sure everything is in order?
Thanks
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If you re-characterize your return this year you will not have any penalties. The restrictions are placed on (re)re-characterizing it to a Roth IRA from a Traditional IRA. If you re-characterize now, you will not receive any paperwork relative to the move until next year.
Roth IRA contributions are not reported on your Tax Return. You do not report any activity from your Roth until you withdraw funds. This is the case whether or not it is a planned distribution or an early distribution.
For more information regarding Roth IRA Rollovers please click on the link below:
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