Go to Fidelity.com or call 800-343-3548. Use this form to recharacterize any annual contributions you made to a Traditional IRA as an annual Roth IRA contribution, OR any annual contributions you made to a Roth IRA as an annual Traditional IRA contribution.

How long do you have to recharacterize a Roth conversion?

Your contribution must be recharacterized on or before your tax-filing deadline for the year for which it was made. The IRS generally provides an extended time frame—until October 15—to complete your recharacterization. (You may be required to file an amended return at that time.)

Can you convert Roth to traditional?

You can convert a Roth to a traditional IRA anytime. You report it on the same year’s tax return. That way you can still contribute to an IRA: There are no income limits for contributing to a traditional IRA.

Is the recharacterization of a Roth IRA still available?

While recharacterization of Roth IRA conversions was eliminated by the 2017 Tax Cuts and Jobs Act, recharacterization of IRA contributions is still available and can be helpful in many situations. Maybe you contributed to a traditional IRA and later discovered the contribution was not deductible.

When to recharacterize an IRA contribution for 2020?

This means that any IRA contribution made for the year 2020 must be recharacterized no later than October 15, 2021, the deadline (including the six-month extension) for filing 2020 federal income tax returns. Why Recharacterize an IRA Contribution?

Can a recharacterization be done after TCJA 2017?

that 2017 Conversions can be recharacterized. Other types of recharacterization are still allowed – the primary one being recharacterizing of an unintended IRA rollover or contribution that is later disallowed due to income limitations. This type of recharacterization is still allowed after TCJA 2017.

When is the deadline to recharacterize a tax year contribution?

The deadline for recharacterizing a 2019 tax year contribution is October 15, 2020 for taxpayers who timely file their 2019 federal income tax returns. This is true even if you do not have an extension.