Can I reconvert a recharacterized IRA in 2001 before extended filing d

[Guest]

Can I reconvert a recharacterized IRA in 2001 before extended filing date and pay taxes on the reconversion in 2000?

I rolled over a 401-K from my employee plan in September 2000 to a Rollover IRA. Then I converted to a Roth IRA in December 2000. Market went south. So, I recharacterized the entire amount from Roth into the Rollover IRA in April 2001. If I do the reconversion of the Rollover IRA back into the Roth IRA after waiting for 31 days, can I include the Roth reconversion as 2000 taxable income. I have filed an extension for 2000. I have a Roth IRA conversion eligibility window for 2000. It is unlikely that I will be eligible for Roth conversion in 2001.

Thank you in advance.

[BPickerCPA]

You can only do a conversion now if you will qualify to make a conversion in 2001, and such a conversion will count as a year 2001 conversion. It will be taxable in 2001. The deadline for year 2000 conversions has passed.

[Guest]

Thank you very much Mr Picker. I appreciate the prompt response to my query.

I am really impressed with the Roth IRA site, the message board, references and links. It is a great source of valuable information.

Thanks a million.

svalvani