Had to recharacterize my Roth Conversion; how long to try again?

Although my IRA went up after I converted to a Roth, it put me into AMT and the tax rate was horrible; so I had to recharacterize it all.

Do I have to wait to do it again?

Reply to
Confused
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Yes, 30 days.

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Any amount that was converted to a Roth IRA and then switched back to a traditional IRA in a recharacterization can't be reconverted in the same year as the original conversion, and also can't be reconverted within 30 days of the of the recharacterization.

Reply to
JoeTaxpayer

I'm surprised Joe didn't mention that you could have recharacterized just enough to put you at the top of the next lower tax bracket...you didn't' have to recharacterize it all.

Reply to
Mark Bole

He wrote this as a done deal. I didn't want to add insult to injury. But I missed my chance to offer a good lesson. In fact, that's exactly what I've been doing for an older person, converting and backing out the exact amount to keep her at top of 15% bracket.

Reply to
JoeTaxpayer

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