Get the free Recharacterization Request Form

This form is used to recharacterize a contribution or conversion contribution from another institution to a Sterling Capital Funds IRA, including instructions for participants and authorization details.

How to fill out recharacterization request form

How to fill out Recharacterization Request Form

1. Obtain the Recharacterization Request Form from your financial institution's website or office.
2. Fill in your personal details, including your name, address, and account number.
3. Indicate the type of contribution you are changing (e.g., Traditional IRA to Roth IRA).
4. Provide the amount that you wish to recharacterize.
5. Sign and date the form to confirm your request.
6. Submit the completed form to your financial institution as per their guidelines, either electronically or by mail.

Who needs Recharacterization Request Form?

1. Individuals who have made contributions to a retirement account and wish to change the nature of those contributions.
2. Taxpayers who have contributed to an IRA and want to adjust their tax implications due to income fluctuations.
3. Members of retirement plans who want to optimize their tax benefits or seek to correct contribution errors.

People Also Ask about

Do I need to report a recharacterization on my tax return?

When you recharacterize a contribution from one IRA to another type of IRA, the date of the "second" IRA contribution will show as the date when you made your original contribution to the previous IRA. You will also be required to report the recharacterization on your federal tax return.

What is the reason for recharacterization?

Recharacterizing a contribution from one type of IRA to another gives you the opportunity to change your mind or correct a mistake — say, you contributed to a Roth even though your income was too high.

Are IRA recharacterizations still allowed?

You will get Form 1099-R for the recharacterization with code R-Recharacterized IRA contribution. But a Form 1099-R with code R will do nothing to your return. You can only report it as mentioned above. Therefore, you can ignore Form 1099-R with code R.

What is a recharacterization form?

What a recharacterization is. Generally speaking, a recharacterization moves money from a traditional IRA to a Roth IRA — or vice versa. More specifically, it changes the designation of a specific contribution from one type of IRA to the other. Recharacterizations are tax-reportable and could be complicated.

For pdfFiller’s FAQs

What is Recharacterization Request Form?

The Recharacterization Request Form is a document used to change the classification of contributions made to a retirement account, typically between different types of accounts like a traditional IRA and a Roth IRA.

Who is required to file Recharacterization Request Form?

Individuals who have made contributions to a retirement account and wish to change the tax treatment of those contributions are required to file a Recharacterization Request Form.

How to fill out Recharacterization Request Form?

To fill out the Recharacterization Request Form, an individual must provide personal information, specify the accounts involved, indicate the amount to recharacterize, and sign the form affirming the accuracy of the information.

What is the purpose of Recharacterization Request Form?

The purpose of the Recharacterization Request Form is to allow individuals to correct or modify their contributions to retirement accounts to align with their financial goals and tax strategies.

What information must be reported on Recharacterization Request Form?

The Recharacterization Request Form must report the individual's name, account numbers, amounts being recharacterized, the type of accounts involved, and any pertinent tax year information.