<removeps-groups[at]yahoo.com> wrote:

- quote -

Look up just a tad. Line 62, withholding.

You have been out of the workforce for a while, havn't you? <g--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Mar 9, 4:27 pm, "Phil Marti" <prm20...[at]verizon.net> wrote:

- quote -

So how does one recover this 2k. Is there a credit or something like
that on form 1040? A stretch, but maybe you could add it to Line 63
Estimated Payments.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

<woodchips4bill[at]yahoo.com> wrote:

- quote -

Too late for you, but not for lurkers. Having tax withheld was a bad idea,
as you've learned. If you're under 59 1/2 and can't pay the tax from
non-IRA funds you shouldn't be converting. If you're over 59 1/2 and have
to withdraw something the next year to pay the taxes, no harm, no foul.

- quote -

You can't. The withholding was an unconverted distribution. For example,
if you took $20,000 from your traditional and had $2,000 withheld, you
converted only $18,000. That's your starting point for the
recharacterization, not the entire $20,000. The $2,000 is forever removed
from the IRA umbrella.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In March, 2008, I converted two IRAs and a Rollover IRA to Roth IRAs
in custodian to custodian transfers. Tax was withheld from the
conversions which were both stocks and cash. Nothing has been
withdrawn from the Roths and I am not required to draw down my IRAs
for 6 more years.
I wish to recharacterize them back to their original status.
How do I supplement the cash that was used for withholding and
provided to the IRS?
I (assuming I recharacterize) do owe any additional taxes this year. I
live entirely off of retirement income and social security income so I
cannot make any contributions.
Any help I can obtain would be beneficial as the last, and only,
answer I received from the custodian is that I cannot do a full
recharacterization as the $$ sent to the IRS cannot be replaced by
other money although I have sufficient funds to do so.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >