Traditional IRA and Xxxx XXX Recharacterizations. You may you are not an eligible individual for the entire testing period, unless recharacterize, or choose to treat all or a portion of your regular you die or become disabled, the amount of the distribution made (including catch-up) traditional IRA contribution as a regular Xxxx under this provision will be includable in gross income for the tax IRA contribution. Similarly, you may recharacterize your regular year of the month you are not an eligible individual, and is subject (including catch-up) Xxxx XXX contribution as a regular traditional to a 10 percent penalty tax.
Traditional IRA and Xxxx XXX Recharacterizations. You may recharacterize, or choose to treat all or a portion of your regular (including catch-up) traditional IRA contribution as a regular Xxxx XXX contribution. Similarly, you may recharacterize all or a portion of your regular (including catch-up) Xxxx XXX contribution as a regular traditional IRA contribution. You may cancel a conversion through a recharacterization of all or a portion of the amount converted from a traditional IRA to a Xxxx XXX. You may also recharacterize the amount rolled or directly rolled over to a Xxxx XXX from an eligible retirement plan, or other recharacterization, as provided by law. A recharacterization election is irrevocable. You must complete a recharacterization no later than your federal income tax filing due date, including extensions, for the year you make the initial contribution. If you timely file your federal income tax return, you may still recharacterize as late as October 15 for calendar year filers. Recharacterizations must occur by transfer, which means that the assets, adjusted for gains and losses on the recharacterized amount, must be transferred into another IRA. The recharacterized contribution is treated as though you deposited it into the second IRA on the same day you actually deposited it in the first IRA. Recharacterization transactions are reported to the IRS. The election to recharacterize may be completed on your behalf after your death. A written notice of recharacterization, as defined in Treasury Regulation 1.408A-5, Q&A 6(a) is required for recharacterization transactions.
Traditional IRA and Xxxx XXX Recharacterizations. You may recharacterize, or choose to treat all or a portion of your regular (including catch-up) traditional IRA contribution as a regular Xxxx XXX contribution. Similarly, you may recharacterize your regular (including catch-up) Xxxx XXX contribution as a regular traditional IRA contribution. A recharacterization election is irrevocable. You must complete a recharacterization no later than your federal income tax-filing due date, including extensions, for the year you make the initial contribution. If you timely file your federal income tax return, you may still recharacterize as late as October 15 for calendar year filers. Recharacterizations must occur by transfer, which means that the assets, adjusted for gains and losses on the recharacterized amount, must be transferred into another IRA. The recharacterized contribution is treated as though you deposited it into the second IRA on the same day you actually deposited it in the first IRA. Recharacterization transactions are reported to the IRS. The election to recharacterize may be completed on your behalf after your death. A written notice of recharacterization is required for recharacterization transactions.
