Both the wife and I have a traditional IRA and a Roth IRA in each of our names. I rolled $10,000 from my traditional IRA to a Roth IRA in Jan. 2011. Now Aug. 2011 the stock market is down, so I want to recharacterize the $10,000 I rolled over into my Roth Ira back to my traditional Ira so I will not have to pay the higher tax, because the stock market is down.
Can my wife roll over $10,000 from her traditional IRA to a Roth IRA in the same tax year? (2011)
We file a joint return.
Also do to you convert the value of the shares back or the just the shares back when you do a recharacterization?
Example
Jan 2011 Aug 2011
Value $10,000. $7,500.
Shares 100 100
Thanks
From Minnesota
Can my wife roll over $10,000 from her traditional IRA to a Roth IRA in the same tax year? (2011)
We file a joint return.
Also do to you convert the value of the shares back or the just the shares back when you do a recharacterization?
Example
Jan 2011 Aug 2011
Value $10,000. $7,500.
Shares 100 100
Thanks
From Minnesota