Ephesians3-14
Level 8
12-07-2019
05:42 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client (who is disabled) did a Roth conversion in 2018 and when I prepared the return to tell him he owes $1,500, he said he doesn't have the cash to pay it. Can the conversion be recharacterized?
Best Answer Click here
Labels
Level 15
12-07-2019
05:42 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A quick Google search for "Unwind ROTH conversion 2018" should answer your question.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
itonewbie
Level 15
12-07-2019
05:42 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If that was a conversation, your client cannot recharacterize that to a traditional IRA. That route was shut down by TCJA, effective from tax year 2018.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar