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July 2013 » Considering Roth IRA Conversions
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Magda B. Szabo, JD, LLM, CPA
In light of continued volatility in the markets and the recent expansion of the scope of Roth individual retirement account (IRA) conversions under the American Taxpayer Relief Act of 2012 (ATRA), some taxpayers might be reconsidering the decision to complete a Roth conversion during 2013 and pay taxes owed. In order to best advise these taxpayers, tax professionals should remain aware of both the costs and benefits of converting to a Roth account, as well as the possibilities and limitations of reconsidering, or “recharacterizing,” Roth conversions. Recharacterization might represent a practical option for taxpayers reconsidering a prior Roth IRA conversion, especially those who are adversely impacted by market conditions that have materially decreased the value of the converted account.
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