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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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This issue's sponsor: Flex-Soft's pensiononline.com

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RELIEF RESCUES ROTH RECHARACTERIZERS

Earlier this year the IRS announced it would allow taxpayers until
October 15, 1999 to elect to "recharacterize" a 1998 IRA contribution,
including a Roth IRA conversion for which the taxpayer was not eligible,
provided the appropriate "corrective action" occurs on or before October
15, 1999.

The IRS has announced that the deadline is now extended until December
31, 1999.  The text of Announcement 99-104 is online on BenefitsLink at

   http://www.benefitslink.com/IRS/ann99-104.shtml

As before, "appropriate corrective action" requires taking the action
described in Treasury regulation section 1.408A-5, Q&A-6, including
notifying the IRA custodian/trustee and having the IRA custodian/trustee
actually make a transfer of funds or an IRA account redesignation.

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