What are the tax implication if you wish to recharacterize a Roth conversion IRA back to a traditional IRA after year 1 if you elected to spread your tax liability over 4 years? First, can this election be revoked? Second, can you file an amended return for year 1 to recapture the taxes paid on the first 25% of the conversion. Third, if no recapture of year 1 tax is available, what is the tax status on that 25% of the Roth soon to be IRA funds, can they be withdrown tax free in the future?

The answer is simple. Once the due date for the 1998 tax return has past, you CANNOT recharacterize. So you're stuck paying the tax for the next 3 years, with a roth IRA.