What about a recharacterization of a roth to a traditional?

Recharacterization of Roth to tradtional IRA?

• I re-characterized my Roth IRA ($4000.00) to a Traditional IRA on Feb 2007 in order to qualify for my 2006 tax deductions. Based on my AGI, I do not need to file Form 8606 but I have to submit a statement concerning the re-characterization. Am I right that I should not fill in the amount re-characterized in my 2006 tax returns, and that a statement would suffice? What are the things I should include in my statement to IRS? How will I get the deduction if it is not reflected on the 2006 Tax return? Thank you.

• Answer:

  Deduct the $4,000 IRA contribution on the Line 31 of Form 1040. Show the Roth distribution on Line 15a of the 1040. Attach a statement: Statement for (name, SSN) regarding Roth recharacterization I contributed $4,000 to a Roth IRA on (give date). I recharacterized that contribution on (give date) by transferring (give amount) to a traditional IRA in a trustee to trustee transfer. $4,000 of my traditional IRA contribution is deducted on Line 31 of Form 1040.