End of Year IRA Recharacterization Still Available?

[therethere]

I didn't look into it too much, since we were over the deduction limit in 2018. But I remember hearing rumblings with the 2018 tax plans that IRA recharacterizations were no longer allowed. I'm not sure if I'm reading it correctly though.

If I contribute to a Roth IRA in 2019 but realize in December I am eligible for a traditional IRA deduction. Am I able to recharacterize the current year's Roth IRA contributions to Traditional IRA?

I know you could do this in years past. But I'm unclear if this is the recharacterization that was changed in the law. Just trying to figure out whether I should hold onto my IRA contributions until I know where I stand deduction wise.

[Boofinator]

General IRA recharacterizations still allowed (until April 15). Conversions cannot be recharacterized by the new tax code, which was kind of silly to begin with (in my opinion).

https://taxmap.irs.gov/taxmap/ts0/recharacterization_o_0473f4ec.htm

[FIREball567]

General IRA recharacterizations still allowed (until April 15). Conversions cannot be recharacterized by the new tax code, which was kind of silly to begin with (in my opinion).

https://taxmap.irs.gov/taxmap/ts0/recharacterization_o_0473f4ec.htm

Does it matter which way? Roth to traditional or vice versa?


Sent from my iPhone using Tapatalk

[Boofinator]

General IRA recharacterizations still allowed (until April 15). Conversions cannot be recharacterized by the new tax code, which was kind of silly to begin with (in my opinion).

https://taxmap.irs.gov/taxmap/ts0/recharacterization_o_0473f4ec.htm

Does it matter which way? Roth to traditional or vice versa?


Sent from my iPhone using Tapatalk

No, it doesn't matter which way. I imagine most people go Traditional -> Roth, only because they find out come tax time that they exceeded the Traditional deduction limits.