MargaretMort Posted April 2, 2011 Report Share Posted April 2, 2011 Boy, will I be glad when this one is over!!!!! TP thinks he wants to recharacterize the Roth he rolled his traditional IRA into in 2010 back to a traditional IRA. I am putting his 2010 Tax Return on automatic extension because we need to file the Amended 2009 Return. As I am reading about this, what I plan to do is okay and it can be done this year by the extension date but...How do you show the recharacterization? My brain is fried and I am going to find something else to think about. In the meantime I am forever grateful for all your assistance. MM Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted April 2, 2011 Report Share Posted April 2, 2011 I didn't read it all, but on IRS.gov I looked at the instructions for 8606 and there looks to be some detail about how to do this. Maybe open an 8606 and click on the ? Then scroll to page 3 at the bottom right, "Recharacterizations." Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 2, 2011 Report Share Posted April 2, 2011 The broker does the recharacterization. You'll report it based on the documents issued for the year it is done. Quote Link to comment Share on other sites More sharing options...
MargaretMort Posted April 2, 2011 Author Report Share Posted April 2, 2011 So for the 2010 tax return we report the roll-over and the tax due would be in 2011 and 2012. Then, for the 2011 tax return the recharacterization is reported and no taxes due or paid in 2011, 2012. Is that correct? Thanks for your help. MM Quote Link to comment Share on other sites More sharing options...
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