Recharacterizations and Return of Excess deadline
Hello,
Since the tax filing deadline was extended to 07/15/20 does this also apply for the deadline to process a Recharacterization and a Return of Excess?
Thank you.
Hello,
Since the tax filing deadline was extended to 07/15/20 does this also apply for the deadline to process a Recharacterization and a Return of Excess?
Thank you.
Permalink Submitted by Alan - IRA critic on Mon, 2020-04-13 18:51
If either the 2019 tax return or an extension is filed by the due date (7/15 this year), there is an automatic extension for return of excess or recharacterizations to 10/15 (the extended due date). If neither of these is done the regular due date of 7/15 is the return of excess deadline. The 10/15 date remains the same despite the 4/15 due date being extended to 7/15.
Permalink Submitted by Norman Cook on Thu, 2020-04-16 16:46
I thought The strategy of recharacterizing from a Roth back to a traditional IRA was banned by the Tax Cuts and Jobs Act of 2017.
Permalink Submitted by David Mertz on Thu, 2020-04-16 17:19
Recharacterizations of Roth *conversions* are disallowed, but recharacterizations of new contributions are not.