$26.95 
Learn more
Submitted By: someone
Answered: February 25, 2018 8:59 pm
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
Featured Books
Tax Glossary
Accrual method of accounting
A business method of accounting requiring income to be reported when earned and expenses to be deducted when incurred. However, deductions generally may not be claimed until economic performance has occurred.
