Roth conversion done by mistake

[Gretel]

I never dealt with a conversion before, so need some confirmation. Client converted a small IRA to a Roth in April of 2015 but I would be better if this transaction could be reversed - I believe this to be a recharacterization. From what I read, this can be done until the due date of the tax return, meaning rolling the Roth funds plus earnings back into the IRA account. Is this correct? Secondly, I would expect to see a 1099-R for this transaction but there was none.

[spanel]

I never dealt with a conversion before, so need some confirmation. Client converted a small IRA to a Roth in April of 2015 but I would be better if this transaction could be reversed - I believe this to be a recharacterization. From what I read, this can be done until the due date of the tax return, meaning rolling the Roth funds plus earnings back into the IRA account. Is this correct? Secondly, I would expect to see a 1099-R for this transaction but there was none.

Sounds like a good conversion to be had with your clients financial advisor... or better yet, your client to have with their financial advisor. They should also be able to produce a 1099R as all the transaction will be taxable.

Chris