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#4
12-11-2004, 01:22 AM
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 Re: IRA Recharacterization Thanks to everyone that replied to my question. I appreciate the help. Mickey Sz << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> From: Stuart Bronstein <spamtrap[at]lexregia.comNewsgroups: misc.taxes.moderated Approved: rdadams[at]smart.net Distribution: world Precedence: first-class Newsgroups: misc.legal.moderated,misc.taxes.moderated Subject: Re: trust type/name References: <10r53dq55t4p799[at]corp.supernews.com Californiaou812 wrote: - quote - > What is the type of trust that has nothing to do with your
Trusts have different kinds of qualities. And different> estate, tax benefits, family, minors or incapacity? Ex. You > put money in a trust account for someone for both immediate > and future use. A fiduciary gives them occasional > distributions, i.e. at planned intervals you pre-set, or for > certain expenses/purchases you pre-approve, etc. qualities. So a trust can be of different types at the same time. So a trust can be either revocable or irrevocable, while at the same time being inter-vivos or testementary. When a trust has provisions allowing the trustee to give income and/or principal at his discretion, it can be called a sprinkling trust. But nearly any kind of trust can be a sprinkling trust. What do you want to use it for? Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
12-06-2004, 08:29 AM
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| Re: IRA Recharacterization Mickey Sz. wrote: - quote - > I converted a Regular IRA to a Roth in 2001 and paid the tax
No. To recharacterize a conversion, you would have to do> due in that year (2001). The value of the account is now > half and I'm wondering if I can recharacterize or convert it > back to a regular IRA and recoup some or all of the tax I > paid (take it as a loss or credit)? that before 4/15/2002. Too much time has passed. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
12-06-2004, 07:31 AM
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| Re: IRA Recharacterization "Mickey Sz." <mickeysz[at]hotmail.com> wrote: - quote - > I converted a Regular IRA to a Roth in 2001 and paid the tax
NO.> due in that year (2001). The value of the account is now > half and I'm wondering if I can recharacterize or convert it > back to a regular IRA and recoup some or all of the tax I > paid (take it as a loss or credit)? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
12-06-2004, 06:34 AM
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| Re: IRA Recharacterization mickeysz[at]hotmail.com (Mickey Sz.) writes: - quote - > I converted a Regular IRA to a Roth in 2001 and paid the tax
No. The deadline for recharacterizing a 2001 transaction was 10/15/2002.> due in that year (2001). The value of the account is now > half and I'm wondering if I can recharacterize or convert it > back to a regular IRA and recoup some or all of the tax I > paid (take it as a loss or credit)? If you liquidate all your Roth accounts for less than your previously-taxed basis you have a miscellaneous deduction on Schedule A, but that means you no longer have the possibility of tax-free growth in the Roth. Details are in IRS Publication 590 and the instructions for Form 8606. Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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12-06-2004, 06:34 AM
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| Re: IRA Recharacterization "Mickey Sz." <mickeysz[at]hotmail.com> wrote: - quote - > I converted a Regular IRA to a Roth in 2001 and paid the tax
Simply put, you're out of luck.> due in that year (2001). The value of the account is now > half and I'm wondering if I can recharacterize or convert it > back to a regular IRA and recoup some or all of the tax I > paid (take it as a loss or credit)? > Thanks for the help or any suggestions, << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
12-05-2004, 04:22 AM
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| IRA Recharacterization I converted a Regular IRA to a Roth in 2001 and paid the tax due in that year (2001). The value of the account is now half and I'm wondering if I can recharacterize or convert it back to a regular IRA and recoup some or all of the tax I paid (take it as a loss or credit)? Thanks for the help or any suggestions, Mickey Sz. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| ira, recharacterization |
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