Recharacterize Roth IRA Deadline

[Guest sledder4321]

1. What is the deadline for recharacterizing a 2000 ira conversion? I know this has been mentioned many times but I am getting conflicting information on the deadline.

2. Was I supposed to get a 1099R form for converting from a traditional to Roth?

Thanks!

[Guest JTHARP]

To recharacterize you have until 10-15-2000 for the tax year 2000 provided you filed your taxes in a "timely manner." The confusion comes because it state that it is your tax filing deadline plus extentions. However IRS Publication 590 for 2000 clarifies the automatic 6 month extention for timely filers.

[Guest sledder4321]

You must mean 10-15-2001? If so does that mean without filing for an extension on my 2000 return?

[Guest JTHARP]

Yes, I did mean 10-15-2001 and it is an automatic 6 month extention no extention form would need to be filed.

[Appleby]

If you do not file your taxes or file for an extension by April 16, then the recharacterization must be done by April 16.

If you file your taxes or file for an extension by Aril 16, then you get an automatic six months extension to recharacterize. This extension takes you to October 15.

[Guest sledder4321]

OK, so as long as I file by april 16, 2001 I can recharacterize up to October 15, 2001. No problem thanks for confirming this for me.

Now, do I file as if the recharactization has already taken place? That is do I fill out form 8606 with an explanation of the recharacteriztion that will happpen before October 15, 2001?

Back to my original question, should I have received a 1099R form from my traditional IRA custodian?

[Appleby]

If you recharacterize before you file your taxes, then you should include the information on your form 8606.

If you already file your taxes and this did not include the recharacterization informaiton, thne you may file and amended 1040 ( 1040x). You have a few years to file this amended return

The conversion amount will also be include on your 1040( for distributions from IRAs) but the taxable amount will be zero

Your IRA custosian must provide you with a 1099-R and 5498 for each transaction, i.e. the conversion and the recharacterization