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?
Had to recharacterize my Roth Conversion; how long to try again?
May 17, 2011
3 Replies
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.
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.
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.
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