IRS Form 1099-R

8 Things to Know Before the October 16 Recharacterization Deadline

Did you convert your traditional IRA to a Roth IRA in 2016 and now you are reconsidering that move? Did you make a 2016 traditional IRA contribution and later discover the contribution was not deductible? Did you contribute to a Roth IRA, not knowing that your income was above the limits for eligibility? If you answered, “yes” to any of these questions, there is a deadline rapidly approaching that you will want to know about. That is the October 16, 2017 deadline for recharacterizing 2016 conversions and IRA contributions. Here are 8 things you need to know about recharacterization.

What’s Your IRA Worth?

Many IRA owners invest in assets other than the usual stocks, bonds, cash, and mutual funds. In fact, the tax code allows for IRAs to invest in just about anything out there except for collectibles, life insurance, and S-corporation stock. But when you invest in those “other assets,” what are they really worth?

Don’t Forget to Report Rollovers to IRS

It's tax season. Every year, many people get lost in the numbers, the deductions, the credits, and the refunds. They forget to report rollovers to the IRS, especially tax-free rollovers. We examine the process, where you should be looking for these numbers and how to report them.

Did You Take an IRA Distribution in 2014? Check Your Mail

Most of us know to check our mail around this time of the year for our copies of IRS Form W-2, Wage and Tax Statement. Our employers have to send us copies of Form W-2 by January 31st of the following year. Because January 31, 2015 was a Saturday, the deadline to send us our 2014 Form W-2 was February 2, 2015. February 2 was also the deadline to receive another key form if you took an IRA distribution in 2014.

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