Ask Ed Slott: IRA Recharacterization Limit?

I converted a regular IRA into a Roth IRA. When doing my tax return, I found that this put me into a higher tax bracket so I recharacterized part of the conversion to what I thought put my taxable income back into the lower tax bracket. However, I now find that the amount I recharacterized was not large enough. Can I recharacterize some more of the conversion to get my taxable income low enough to put me in the lower tax bracket?

Get access to this article and thousands more...

All Financial Planning articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.

Already Registered?