Recharacterizing a ROTH IRA if never traditional?

Discussion in 'Taxes and Accounting' started by Cuddles, Apr 16, 2017.

  1. Cuddles

    Cuddles

    I'm trying to recharacterize a ROTH IRA to traditional that's never been a traditional IRA. Seems like the rules only apply if this was a converted account (traditional) and not a ROTH to begin with?

    Anyone have any clue if it's possible to recharacterize an IRA that's always been a ROTH?
     
  2. algofy

    algofy

    What is the contribution year?
     
  3. Robert Morse

    Robert Morse Sponsor

    Please don't do that! Your Roth is better than a standard IRA because you have already paid your taxes on it. Why would you want to do that?
     
    comagnum likes this.
  4. java

    java

    ???Why would you want to do that?
     
  5. Robert Morse

    Robert Morse Sponsor

    You can have both.
     
  6. piezoe

    piezoe

    Just curious, why on Earth would you want to do that???
     
  7. algofy

    algofy

    He might be in a tax bind and wants the trad deduction to help out.
     
  8. java

    java

    ah yes, already maxed out 2016 roth and now wishes he had gone reg, hmmm and has one day to do it
     
    algofy likes this.
  9. algofy

    algofy

    What it sounds like to me.
     
  10. java

    java

    Seems like you should be able to if you are just talking 2016 and you are going to pay the taxes, same taxes you would have paid if only the IRS had a heart, a brain and less courage.
     
    #10     Apr 17, 2017