Wells Fargo Advantage Funds IRA Recharacterization Request 2011-2025 free printable template

Click here to clear form IRA Recharacterization Request Complete this form to make an irrevocable election to recharacterize all or a portion of your Wells Fargo Advantage Funds Traditional IRA or Roth IRA. I hereby acknowledge my responsibility for determining that this transaction qualifies as a recharacterization under Internal Revenue Service IRS regulations and that I should seek the advice of a tax advisor regarding my specific situation. I...

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How to fill out Wells Fargo Advantage Funds IRA Recharacterization Request

1. Obtain the Wells Fargo Advantage Funds IRA Recharacterization Request form from the Wells Fargo website or your account representative.
2. Fill out your personal information at the top of the form, including your name, address, and account number.
3. Indicate the type of IRA account you wish to recharacterize (Traditional IRA or Roth IRA).
4. Specify the amount you want to recharacterize and include the details of the original contribution (date and amount).
5. Provide the information of the new account if you are transferring to a different IRA provider.
6. Sign and date the form to certify that the information provided is accurate and that you understand the recharacterization process.
7. Submit the completed form to Wells Fargo via the indicated method (mail or fax).

Who needs Wells Fargo Advantage Funds IRA Recharacterization Request?

1. Individuals who have made contributions to a Roth IRA but wish to move those funds to a Traditional IRA due to changes in their financial situation or tax considerations.
2. Those who want to reverse a previous IRA contribution for tax planning purposes.
3. Account holders who realize that they qualify for different IRA benefits after making a contribution.

People Also Ask about

How to convert traditional IRA to Roth IRA Wells Fargo?

Step 1 – Contact a Wells Fargo retirement professional at 1-877-493-4727 to initiate your conversion request and get an overview of the process. Step 2 – Our team will help you open a new Roth IRA account if you don't already have one, fill out the appropriate paperwork, and answer any questions you may have.

Can I do a Roth conversion online?

Yes, you can complete a full or partial Roth IRA conversion online from the following retirement accounts: Traditional IRAs, Rollover IRAs, SEP-IRAs, SIMPLE-IRAs. In addition, some workplace plan balances may be eligible to roll over directly to your Roth IRA.

What form do you get for Roth IRA conversion?

Form 5498 reports IRA contributions, rollovers, Roth IRA conversions, and required minimum distributions (RMDs) to the IRS. Your IRA trustee or custodian is the one responsible for mailing Form 5498 to the IRS, along with a copy to you.

Do I get a 1099-R for a Roth conversion?

If you completed a Roth conversion in 2022, you'll receive Form 1099-R from your custodian, which includes the distribution from your IRA, Guarino said. You'll need to report the transfer on Form 8606 to tell the IRS which portion of your Roth conversion is taxable, he said.

What is the 1099-R code for conversion to Roth IRA?

Generally, Code 2 is reflected on the Form 1099-R received from the payer of the distribution for a Roth IRA conversion, where a Traditional IRA is converted to a Roth IRA. Per IRS Publication 590-A Contributions to Individual Retirement Arrangements (IRAs), page 29: Income.

How do I file a Roth conversion?

In general, you follow this process: Fund your traditional IRA or employer-sponsored 401(k). If you don't have one already, you'll have to open and fund one first. Withdraw funds from your eligible retirement account. Roll funds into a Roth IRA account. Pay taxes on your contributions and earnings.

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What is Wells Fargo Advantage Funds IRA Recharacterization Request?

The Wells Fargo Advantage Funds IRA Recharacterization Request is a form used by individuals to reverse a previous IRA contribution or conversion by reallocating funds back to a prior account to adjust for tax implications.

Who is required to file Wells Fargo Advantage Funds IRA Recharacterization Request?

Individuals who have made contributions to their IRA accounts that they wish to recharacterize or reverse, typically due to changes in their taxation situation or investment strategy, are required to file this request.

How to fill out Wells Fargo Advantage Funds IRA Recharacterization Request?

To fill out the request, individuals must complete the form by providing their personal information, including account numbers, the details of the contributions they wish to recharacterize, and the required signatures, ensuring all sections are accurately completed.

What is the purpose of Wells Fargo Advantage Funds IRA Recharacterization Request?

The purpose of the request is to allow individuals to adjust their IRA contributions or conversions, typically to mitigate unexpected tax liabilities or to align their investments more closely with their financial objectives.

What information must be reported on Wells Fargo Advantage Funds IRA Recharacterization Request?

The information that must be reported includes the account holder's name, Social Security number, details of the contributions or conversions being reversed, the amounts involved, and any other relevant financial information as specified on the form.