Final Regs: Calculating Income on Excess IRA contributions and recharacterization

[Appleby]

T’is the season where a taxpayer may be just realizing that he/she is ineligible for that IRA contribution, and that the contribution must either be removed or recharacterized.

The final regulations for calculating the income of these contributions (and Roth conversion that are being recharacterized) are available at http://www.irs.gov/pub/irs-regs/td9056.pdf