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sewatt
New Member

I took $30000 from a qualified IRA and put it into a Roth.I know this created a taxable eventcan I reverse this before I file my 2018 or is that transaction irreversible?

had to eliminate spaces to fit in. Here is the full question:

I took $30000 from a qualified IRA and put it into a Roth. I know this created a taxable event but can I reverse this before I file my 2018 or is that transaction irreversible?
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AnnetteB
Intuit Alumni

I took $30000 from a qualified IRA and put it into a Roth.I know this created a taxable eventcan I reverse this before I file my 2018 or is that transaction irreversible?

As a result of the Tax Cuts and Jobs Act, the transaction cannot be reversed by recharacterization of the Roth IRA.

Please take a look at the following FAQ from the IRS for more information:  https://www.irs.gov/retirement-plans/ira-faqs-recharacterization-of-ira-contributions


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3 Replies
AnnetteB
Intuit Alumni

I took $30000 from a qualified IRA and put it into a Roth.I know this created a taxable eventcan I reverse this before I file my 2018 or is that transaction irreversible?

As a result of the Tax Cuts and Jobs Act, the transaction cannot be reversed by recharacterization of the Roth IRA.

Please take a look at the following FAQ from the IRS for more information:  https://www.irs.gov/retirement-plans/ira-faqs-recharacterization-of-ira-contributions


sewatt
New Member

I took $30000 from a qualified IRA and put it into a Roth.I know this created a taxable eventcan I reverse this before I file my 2018 or is that transaction irreversible?

Thank you!  Not the answer i was hoping for but it it what it is.  Got bit by my own stupidity.  
AnnetteB
Intuit Alumni

I took $30000 from a qualified IRA and put it into a Roth.I know this created a taxable eventcan I reverse this before I file my 2018 or is that transaction irreversible?

You're welcome.  Sorry to be the bearer of bad news.
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