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Community America Financial Solutions, LLC (CARS) 9777 Ridge Drive Lenexa, KS 66219 FINANCIAL solutions, LLC Member FINRA/SIPC Roth Conversion/Re characterization Request Telephone: (913) 905-3600

How to fill out roth conversionrecharacterization request

How to fill out a Roth conversion recharacterization request:

1. Gather necessary information: Before filling out the request form, make sure to gather all the required information, including your personal details, account information, and the details of the Roth conversion you wish to recharacterize.
2. Obtain the request form: Contact your financial institution or investment provider to obtain the specific form for a Roth conversion recharacterization request. They may have it available on their website or can provide it to you upon request.
3. Complete the form: Fill out the form accurately and completely. Provide your personal information, such as your name, address, and Social Security number. Additionally, include the details of the Roth conversion, such as the amount converted, the date of conversion, and the source account.
4. Specify the recharacterization details: Indicate why you are requesting the recharacterization, whether it is to correct an excess contribution, adjust for a change in tax situation, or any other eligible reason. Be clear and concise in explaining your request.
5. Attach supporting documents: If required, attach any supporting documents to substantiate your recharacterization request. This may include copies of tax returns, account statements, or other relevant documents.
6. Review and sign the form: Carefully review the completed form to ensure all the information provided is accurate and complete. Sign and date the form where required.
7. Submit the request: Submit the completed form to your financial institution or investment provider according to their instructions. This may involve mailing the form, submitting it electronically through their website, or visiting a physical branch.

Who needs a Roth conversion recharacterization request:

1. Individuals who have converted funds from a traditional IRA, SEP IRA, SIMPLE IRA, or employer-sponsored retirement plan to a Roth IRA and wish to undo or adjust the conversion.
2. Those who have made excess contributions to a Roth IRA and need to correct the amount by recharacterizing the excess.
3. Individuals who experienced a significant change in their tax situation, such as a decrease in income or change in tax laws, and want to adjust their Roth conversion accordingly to optimize their tax planning.

It is important to consult with a qualified tax or financial advisor to ensure the accuracy and implications of a Roth conversion recharacterization request based on your specific financial circumstances.

For pdfFiller’s FAQs

What is roth conversionrecharacterization request?

A Roth conversion recharacterization request is a form used to undo a conversion of traditional IRA assets to a Roth IRA.

Who is required to file roth conversionrecharacterization request?

Individuals who have converted traditional IRA assets to a Roth IRA and wish to reverse the conversion are required to file a Roth conversion recharacterization request.

How to fill out roth conversionrecharacterization request?

The form can usually be found on the website of the financial institution where the Roth IRA is held. It typically requires details of the original conversion and the account information.

What is the purpose of roth conversionrecharacterization request?

The purpose of a Roth conversion recharacterization request is to treat the conversion as if it never occurred, allowing the individual to avoid paying taxes on the conversion amount.

What information must be reported on roth conversionrecharacterization request?

Typically, the form requires details of the original conversion amount, the date of the conversion, and the account information for the Roth IRA.

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