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Tim does not recharacterize 28% tax Present value on $40,000 (8%) of the tax 1998 $2,800 $2,800 1999 2,800 2,593 2000 2,800 2,401 2001 2,800 2,223 Total $10,017 Tim recharacterizes and reconverts 31% tax Present value on $32,000 (8%) of the tax 1998 0 0 1999 $9,920 $9,185 2000 0 0 2001 0 0 Total $9,185
A taxpayer can then reconvert that new IRA to a Roth IRA, provided he or she meets the eligibility requirements in the reconversion year.
Sandy can then reconvert the new traditional IRA to a Roth IRA--assuming she has decided having a Roth IRA is still more beneficial--and pay tax on $32,000 instead of $40,000.
This means that once Sandy moves her $32,000 into a new traditional IRA, her only option is to reconvert the account to a Roth IRA (or keep the money in the new traditional IRA).
Any attempt to reconvert before the later of these two dates will result in a failed conversion (unless the failed conversion is recharacterized to a new traditional IRA in a timely manner, as explained in the example that follows).
A taxpayer who converts an amount from a traditional IRA to a Roth IRA during 1999 that has not been converted previously and then transfers that amount back to a traditional IRA by means of a re-characterization, is eligible to reconvert that amount to a Roth IRA once on or before December 31, 1999.
In determining the portion of any amount held in a Roth IRA or a traditional IRA that a taxpayer is not eligible to reconvert under the interim rules set forth in the notice, any amount previously converted or reconverted is adjusted for subsequent net gains or losses thereon.
These accusations were often made in defiance of the explanations that the reconverts themselves gave.
Nevertheless, the reconverts often added to these reasons personal, psychological, relational, or emotional factors and interpretations.
24) Many reconverts warned Christian leaders against trying to thwart the intellectual curiosity of their followers.
Reconverts claimed that they had experienced their fill of unbelief and found it to be bleak, gloomy, and solely destructive.
This did not mean, however, that the reconverts abandoned the classic apologetic arguments--far from it.