https://www.retirementplanningscottsdale.com/2019/11/27/anil-vazirani-scottsdale-investment-advisor-announces-strategy-to-correct-ineligible-or-unwanted-contributions-to-roth-iras-or-traditional-iras/ Anil Vazirani Scottsdale Investment Advisor announces strategy to Correct ineligible or unwanted contributions to Roth IRAs or traditional IRAs With the tax law changes of 2017, recharacterizations of Roth conversions are no longer an option. But there’s another strategy: Recharacterizations of IRA contributions are still possible and can prove a valuable strategy to correct missteps. A Roth IRA contribution can be recharacterized as a traditional IRA contribution, or vice-versa, as long as the recharacterized contribution is valid in its own right. A recharacterization can be done for any reason and can also be used when the wrong type of IRA mistakenly receives a rollover or transfer.
You can benefit from this if you contribute to a traditional IRA and later discover the contribution was not deductible due to plan participation and income limits, that could recharacterize the contribution to a Roth IRA — as long as you qualify for a Roth IRA contribution with income under the limits. Also, if you contribute to a Roth IRA, not knowing that your income was above the eligibility limits, could recharacterize that contribution to a traditional IRA.
For more information:
https://www.financial-planning.com/news/correct-ineligible-or-unwanted-contributions-to-roth-iras-or-traditional-iras If you’re not sure what this means to you and your IRA, contact us.
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors. Dial 1-800-957-5604 x 200 and set up a complimentary strategy session to understand what your goals are, understand what objective you’re trying to accomplish, your risk tolerance, and let us show you how to reduce your investment fees from stocks, bonds and mutual funds down to one point, or five percent when you work with our investment advisory platform. Dial 1-800-957-5604 x 200, and on the web at: DreamRetire.com
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