Are you having second thoughts about your traditional or Roth IRA contribution? Maybe you had a surprise on your income taxes. Perhaps you have an unexpected rise in expenses or discovered that your traditional IRA contribution is not deductible. Regardless of the reason, if you change your mind, a recharacterization allows you to move your traditional IRA contribution to a Roth IRA or vice versa.
While this is a great way to fix any regrets, there are some particular rules you must follow. These include guidelines on deadlines, transfers, and custodians.
Click below for our step-by-step guide to recharacterizing your traditional or Roth IRA contribution will guide you through the process to avoid making crucial mistakes.
Have more questions about your qualified retirement accounts? We are here to help! Call Chris Robinson with RFG Wealth Advisory today at 940-464-4104 to schedule a time to discuss this further.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ed Slott is not affiliated with LPL Financial.
“These materials have been independently produced by RFG Wealth Advisory. RFG Wealth Advisory is independent of, and has no affiliation with, Charles Schwab & Co., Inc. or any of its affiliates (“Schwab”). Schwab is a registered broker-dealer and member SIPC. Schwab has not created, supplied, licensed, endorsed, or otherwise sanctioned these materials nor has Schwab independently verified any of the information in them. RFG Wealth Advisory provides you with investment advice, while Schwab maintains custody of your assets in a brokerage account and will effect transactions for your account on our instruction.”
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