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Old 06-21-2012, 04:43 PM
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Join Date: Jun 2012
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Help!! Recharacterize IRA Question

My situation:
In April 2012, I made a $2000 contribution to my Existing Traditional IRA account. I also got a 6 month extension to file taxes.

Now, while doing my taxes, I realized that I will not be able to take a deduction for this contribution. However, I can contribute upto $5000 to my Roth IRA so I asked my fund company to re-characterize my contribution of $2000 to Roth IRA (I have an existing Roth IRA with same company). Of course, I have funds in these accounts from contributions made in the past.

Went thru 8606 instructions. On page 3, rec-characterizations, Example 2 relates to something similar except the fact that the example mentions a new Traditional IRA in which contribution is made whereas I made my contribution in an existing IRA account.

Do I just submit a statement or do I need to file 8606?



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