Time is ticking by! Here are important retirement account deadlines you don’t want to miss.
• Recharacterize 2017 Roth IRA Conversions
Did you convert a traditional IRA to a Roth IRA in 2017? If you think you may want to recharacterize your account(s), don’t let October 15 slip by.
If your account has declined in value, a recharacterization might make sense. You may also consider recharacterizing 2017 conversion and reconverting in 2018 to take advantage of lower tax rates put in place by the Tax Cuts and Jobs Act (TCJA).
TCJA eliminates recharacterization for Roth conversions done in 2018 or later. Clients who converted in 2017 are the last ones who will be able to take advantage of this rare opportunity in the tax code. Don’t miss out by missing the deadline!