Common use of Contribution/Conversion Clause in Contracts

Contribution/Conversion. You may “recharacterize” a contribution/conversion made to one type of IRA (either Traditional or ▇▇▇▇ ▇▇▇) and treat it as if it was made to a different type of IRA (Traditional or ▇▇▇▇ ▇▇▇). Both the contribution/conversion amount and the net income attributable to the contribution/conversion must be transferred. If there was a loss, the amount of any loss will reduce the amount you recharacterize. The deadline for completing a recharacterization is your tax return due date (including any extensions) for the year for which the contribution/conversion was made to the first IRA.