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BenefitsLink Newsletter

New U.S. tax and labor law materials on the net pertaining to
employee benefits, for employers, participants and service-providers.
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JUST CAN'T MAKE UP MY MIND

A taxpayer who converted from a traditional IRA to a
Roth IRA in 1998 later can elect "recharacterize" the
IRA back into a traditional IRA.  Until yesterday, a
taxpayer who had filed his or her federal income tax
return for 1998 was prevented from doing so.

In Announcement 99-57, the IRS says that such a person
now has the ability to elect such a recharacterization
until October 15, 1999.

An amended return reflecting the recharacterization
would be required, by the usual deadline for filing an
amended return (not by October 15).

Full text of the announcement is online at:

   http://www.benefitslink.com/IRS/ann99-57.shtml

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