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Think of IRA conversions as allowing you to transfer funds from a non-Roth IRA account into a Roth IRA account, often with a taxable impact. Think of IRA recharacterizations as a set of special rules allowing you to change your mind about the type of your current year IRA contribution.
If the recharacterization occurred during the current year, you should include the amount transferred on Form 1040, line 4a (Form 1040, line15a, or Form 1040A, line 11a in 2017 and prior); or Form 1040NR, line 16a, as applicable.
Generally, partial recharacterizations, do carry to Form 8606 to determine the taxable amounts. Additional entries may need to be made on the 8606 in either part 1 or part 3 depending on how the recharacterization occurred.
To recharacterize a regular IRA contribution, you tell the trustee of the financial institution holding your IRA to transfer the amount of the contribution plus earnings to a different type of IRA (either a Roth or traditional) in a trustee-to-trustee transfer or to a different type of IRA with the same trustee.
The Tax Cuts and Jobs Act prohibits Roth IRA conversion recharacterizations, but you can still recharacterize an IRA contribution from one type of IRA to another. A Roth IRA is a special individual retirement account (IRA) in which you pay taxes on contributions, and then all future withdrawals are tax-free.
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People also ask

A Roth IRA contribution can be partially or wholly recharacterized as a traditional IRA contribution, as long as you recharacterize the contribution by October 15 of the year following the year in which you need to make the adjustment.
What a recharacterization is. Generally speaking, a recharacterization moves money from a traditional IRA to a Roth IRAor vice versa. More specifically, it changes the designation of a specific contribution from one type of IRA to the other. Recharacterizations are tax-reportable and could be complicated.
Reasons for Recharacterization Probably the most common reason for recharacterizing a Roth conversion is that the converted amount has declined in value since the conversion was completed.

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