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01-16-2009, 11:13 PM
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#1 |
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Registered User
Join Date: Jan 2009
Posts: 1
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IRA recharacterization
In 2008, I contributed $5000 to a Roth IRA. Later that year, I requested my fund company to recharacterize $2500 of those contributions to a traditional IRA. (My intent was to deduct $2500 on my 2008 tax return.) I just received a 1099-R from the company showing a gross distribution of $1700 attributable to the recharacterization.
Am I permitted to take a deduction for a traditional IRA contribution? If so, is the amount $1700 or $2500? |
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01-17-2009, 03:20 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Izzy,
Why don't you recharacterized the entire amount ($5,000 less any losses)? To determine if you can take a deduction for a contribution to a Traditional IRA much more information is needed. Things that come into the deduction determination are, your income, are you covered by a retirement plan at work and filing status are some of the factors. You can make that determination by looking at IRS Pub 590, Individual Retirement Arrangements, page 13. |
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