Submitted By: someone
Answered: February 25, 2018 8:59 pm

I converted my traditional IRA to a Roth IRA in 2017. Can I undo it now?

A taxpayer who converted an IRA funded by deductible contributions to a Roth IRA in 2017 has until October 15, 2018, to undo it. This means recharacterizing the new account as a traditional IRA. However, conversions in 2018 and beyond cannot be undone. The Tax Cuts and Jobs Act of 2017 ended this opportunity.

advertisement
Tax Glossary

Partnership

An unincorporated business or income-producing entity organized by two or more persons. A partnership is not subject to tax but passes through to the partners all income, deductions, and credits, according to the terms of the partnership agreement.

More terms