Did You Make a Roth Conversion in 2010?
On October 1st
If so, you have until October 17, 2011 to undo the conversion and recover any tax paid. You should review your converted ROTH account and compare the balance with the converted amount, if the balance has declined, returning the dollars back to your IRA can save tax dollars. If your 2010 return has already been filed, use form 1040X to file for a refund.
For more helpful information, download my free ebook Roth IRA – 8 Quick Helpful Tips or contact me online.
-Mark
Fort Myers & Naples Accountant
