You Asked Us - Roth Vs Traditional IRA

Q: What is the deadline for recharacterizing my IRA contribution?

A: Your contribution must be recharacterized by your tax-filing deadline including extensions. Taxpayers who operate on a Calendar year and file their tax returns by April 15 or file for an extension by April 15 receive an automatic extension of 6-months ( until October 15) to recharacterized their contributions. For instance, if the contribution is for the 2007 tax year, it must be recharacterized by October 15,2008.

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