Retirement & Eldercare

How Tax Reform Affects IRA Recharacterizations

2/18/2018

There are certain aspects of the tax reform act that have gotten a lot of attention in the press, and others that have not been as well publicized, but which taxpayers need to be aware of. Among these is the change to the rules about converting a traditional IRA to a Roth IRA.

To refresh your memory, taxpayers have two different types of IRA retirement plan accounts that they can invest in, and each offers a different tax benefit:

Taxpayers make contributions to Roth IRAs without a tax benefit at the time of the deposit, but once they reach retirement age they are able to take tax-free distributions from the account.
Taxpayers make contributions to Traditional IRAs and get a tax deduction at the time they make the deposit, but once they reach retirement age they are taxed on the distributions and any earnings that have accrued.

Taxpayers are able to make their own decisions about which type of IRA best suits their needs, with the understanding that by choosing a Traditional IRA they see the benefit immediately, while by choosing a Roth IRA they will see the tax benefit in the future. As needs change, taxpayers are able to change their minds and move their monies from the Traditional IRA (which provides a current tax benefit) to a Roth IRA (which provides a future tax benefit), with the understanding that any amount that is converted will be taxed for the year that the conversion takes place. These conversions are generally strategic, with the account owners timing their move for years when their incomes are lower and therefore the converted sums will be taxed at a lower rate.

Accompanying the ability to make this conversion, taxpayers have long been permitted to do what has been known as “recharacterizing” after converting a Traditional IRA to a Roth IRA. Recharacterization is essentially a “take back”, in which monies converted into a Roth IRA can be switched back to a Traditional IRA with no tax repercussion: it’s been as if the conversion never happened, with no penalty. There are many reasons for needing to make this switch, but in most cases taxpayers have done so when they’ve seen the value of their converted IRA drop (which results in a loss of a value for which they still have to pay taxes), a realization of a lack of available funds with which to pay the taxes due, or not having fully understood what the tax ramifications of the original move would be.

Whatever the reason for the taxpayer changing their mind, the provision has proven both helpful and popular, which is why it is so disappointing that the Congress has eliminated it with the tax reform law. As of tax year 2018, owners of Traditional IRAs, as well as SEP or SIMPLE IRAs who’ve moved their funds to Roth IRAs and then want to switch back will no longer have the ability to do so. They will be required to pay the assessed taxes. The same will hold true for owners of 401(k) or 403(b) retirement plans that have rolled their funds into a Roth IRA: once the conversion has been made, there will be no undoing it.

The concern about the ramifications of this change to the law are largely for the future: anybody who has converted their monies from a retirement fund into a Roth IRA during tax year 2017 has until October 15, 2018 to recharacterize into a Traditional IRA without tax ramifications. The same is not true for a conversion made on or after January 1, 2018. No conversions made on or after that date are eligible for recharacterization. Notably, recharacterizations of contributions to Roth IRAs to Traditional IRAs, and in the opposite direction as well, will still be permitted as long as the recharacterization is done before the due date for the income tax return for the year that the recharacterization was conducted.

The change in the tax law has led to a significant amount of confusion as well as a shift in the way that many people are handling their retirement planning. If you need to speak with a personal finance expert to make sure that you are still maximizing your benefits and reducing your tax liability, contact a qualified tax pro today.

Bob Mason, CPA writes for TaxBuzz, a tax news and advice website. Reach his office at [email protected].

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Bob Mason

Bob Mason is the founder of Coast Financial Services Inc. servicing both the Santa Cruz, and San Jose areas. Bob Mason is a skilled financial professional who is fully equipped to assist any of your accounting needs. Founding his firm in Santa Cruz, Bob understands the importance of small businesses and how they form the backbone of the area. Coast Financial Services, Inc. has been dedicated to the growth and profitability of businesses in Santa Cruz for 17 years. To learn more about Bob Mason and the rest of his team, visit their website.

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How Tax Reform Affects IRA Recharacterizations

Bob Mason

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