Snowski31
I called Fidelity after I filed my taxes in April and asked if I could reverse my Roth back to a standard IRA as I looked at the Fidelity program and saw that I made a big mistake changing mine and my wife' to Roth's. I was told that I had to do it prior to October and that I could file an amended tax report with the government. Now my Tax person tells me that may not be the case. Please advise
1 Answer
Chiangmai
I am quite sure the fidelity is guy is right. This loophole is for people who wants to convert to Roth IRA from the Traditional IRA but are not sure if the market is going to be good or not. Well, the market is bad so many will be switching it back from Roth to Traditional IRA by October. This is called "re-characterization". Kinda like changing from a male to a female and after surgery, can still go back to being a male, for a limited amount of time only.
Your CPA is not correct here.
| 14 years ago. Rating: 2 | |
