A recharacterization form instructs your individual retirement account (IRA) plan provider to change a contribution you made from one type of IRA to another. You can also revoke a previous IRA conversion. If you file your income taxes on time, the IRS automatically grants you a recharacterization filing extension. You have until October 15 to file your recharacterization form for conversions or contributions for that tax year. However, if you do so after you file your taxes, you typically need to file an amended tax return.
Read the instructions on the recharacterization form carefully. Each IRA provider has their own forms and slightly different instructions for filling them out. For example, one provider might require you to check a box to indicate the type of recharacterization, while another requires you to fill out a specific section for your type of recharacterization.
Provide your personal information in the appropriate spaces. Write your contact information, Social Security number and date of birth.
Indicate the type of account you want to recharacterize and the account number. Indicate whether you are recharacterizing an IRA contribution or a conversion.
Write the amount of the contribution you wish to recharacterize. The form will typically provide a space to indicate that you want to recharacterize the entire contribution. Otherwise, write a partial amount in the space provided.
Review all the information to make sure it is correct. Sign and date the form in the appropriate spaces. Mail the recharacterization form to your IRA provider.
References
- Fidelity Investments: Fidelity IRA Request For Recharacterization
- Internal Revenue Service. "Instructions for Form 8606," Pages 3-4 & 6. Accessed April 15, 2020.
- Internal Revenue Service. "IRA FAQS - Recharacterization of IRA Contributions." Accessed April 16, 2020.
- Internal Revenue Service. "Instructions for Form 8606," Page 4. Accessed April 15, 2020.
- Internal Revenue Service. "Form 868 Application for Automatic Extension of Time To File U.S. Individual Income Tax Return." Accessed April 16, 2020.
- United States Congress. "Summary: H.R.1 — 115th Congress (2017-2018)." Accessed April 16, 2020.
- IRS. "IRA FAQS - Recharacterization of IRA Contributions." Accessed April 6, 2020.
- Internal Revenue Service. "Publication 590-A Contributions to Individual Retirement Arrangements (IRAs)," Page 29-30. Accessed April 16, 2020.
- Internal Revenue Service. "Publication 590-A Contributions to Individual Retirement Arrangements (IRAs) (2017)," Page 30-31. Accessed April 16, 2020.
- Internal Revenue Service. "Roth Comparison Chart." Accessed April 16, 2020.
- Internal Revenue Service. "Instructions for Form 8606," Page 3-4. Accessed April 16, 2020.
- Internal Revenue Service. "Part III -- Administrative, Procedural, and Miscellaneous Earnings Calculation for Returned or Recharacterized IRA Contributions," Page 2. Accessed April 16, 2020.
- Internal Revenue Service. "Part III -- Administrative, Procedural, and Miscellaneous Earnings Calculation for Returned or Recharacterized IRA Contributions," Page 2-3. Accessed April 16, 2020.
- Internal Revenue Service. "Publication 590-A Contributions to Individual Retirement Arrangements (IRAs)," Page 30. Accessed April 16, 2020.
- Internal Revenue Service. "About Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.." Accessed April 16, 2020.
- Internal Revenue Service. "2020 Form 1099-R," Page 9. Accessed April 16, 2020.
- Internal Revenue Service. "Form 8606," Page 1. Accessed April 16, 2020.
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