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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.
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Tax Glossary
Section 1231 property
Depreciable property used in a trade or business and held for more than a year. All Section 1231 gains and losses are netted; a net gain is treated as capital gain, a net loss as an ordinary loss.
