Zeno
05-24-2004, 10:29 PM
The following is a small excerpt from a letter I just received for documentation and information purposes.
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Recharacterizations
An owner of an IRA may correct (recharacterize) an IRA contribution or conversion by making a trustee-to-trustee transfer between a Roth IRA for part or all of the contribution or conversion. A recharacterization nullifies the previous contribution or conversion: it is as if the contribution or conversion has never occurred. The IRS requires that a recharacterization during 2003 be reported as a rollover in Box 4, Recharacterization Contributions.
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This is an interesting piece of information about something that never occurred but must still be reported because I assume all corrections are of interest to the government peepers that so meticulously track every monetary aspect of our lives.
-Zeno
[ QUOTE ]
Recharacterizations
An owner of an IRA may correct (recharacterize) an IRA contribution or conversion by making a trustee-to-trustee transfer between a Roth IRA for part or all of the contribution or conversion. A recharacterization nullifies the previous contribution or conversion: it is as if the contribution or conversion has never occurred. The IRS requires that a recharacterization during 2003 be reported as a rollover in Box 4, Recharacterization Contributions.
[/ QUOTE ]
This is an interesting piece of information about something that never occurred but must still be reported because I assume all corrections are of interest to the government peepers that so meticulously track every monetary aspect of our lives.
-Zeno