Rich Carreiro wrote:
- quote -

Pg. 32 of Pub 590 says the election to recharacterize cannot be changed
after the transfer is made.

Also, wasn't the $50 an excess Roth contribution from the very
beginning? Just because you didn't know your correct MAGI at the time
doesn't change what your MAGI actually was. I don't think you are
allowed to re-characterize an excess contribution.

Even if neither of the above apply here, since you have to drag the
earnings during the computation period along with each move back and
forth between the two IRA's, is it really worth the time and effort on
both your and your IRA custodian's part? Surely the tax effect of this
$50 will be less than the cost of reporting it (writing a statement to
accompany your Form 8606).

-Mark Bole

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In Jan *2008* I made a full $5000 trad IRA contribution.

In March *2009* after doing my taxes, I saw that I was
eligible to make a partial Roth IRA contribution and
so recharacterized some of the trad IRA contribution into
a Roth.

However, I've run across a misplaced 1099-INT and refiguring
my MAGI shows that the Roth contrib is now $50 more than
I'm allowed to make.

I know about the option to leave it in, pay the penalty
on the $50 and have the $50 deemed part of a future Roth
contribution.

I also know I can just have the $50 (and any attributable
earnings) just sent to me.

But can I re-recharacterize those $50 back to a trad IRA
contrib? Or are you allowed only one recharacterization?

--
Rich Carreiro rlc-news[at]rlcarr.com

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<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >