Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Online re-characterization
Old 04-11-2017, 10:27 AM   #1
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 99
Online re-characterization

In searching I found an online form at Fidelity to do re-characterizations of either contributions to IRA or Roth IRA or conversions to Roth IRA. Since I hate talking to people I like this option. I was wondering if others had used this option and could say how long the process took?
__________________

Neill is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-11-2017, 01:47 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 9,767
While I haven't done it at Fidelity, I have done recharacterizations at three other brokers with no issues whatsoever. In two cases, I filled out forms and sent them as attachments to the private messaging within my account. At another, I simply mailed the form in. Recharacterizations took place in all cases the day the forms were received in "good order." In one case, I got a question back by private messaging which was cleared up, so recharacterization took place at the close of market that day.

I used to not like talking to people on the phone, but when I lived in a non-English-speaking foreign country, I got over that. Your reps really want to help you, so if you are not comfortable with talking on the phone, one way to get comfortable is to talk on the phone.
__________________

LOL! is offline   Reply With Quote
Old 04-11-2017, 02:03 PM   #3
Moderator Emeritus
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 13,550
If you're concerned about getting it done before the filing deadline, no problem.

Last time I recharacterized a conversion at Fidelity, I did it online and it happened overnight.
braumeister is offline   Reply With Quote
Old 04-11-2017, 02:44 PM   #4
Recycles dryer sheets
 
Join Date: Feb 2017
Location: SF Bay Area
Posts: 358
I was revisiting the recharacterization rules last night and the IRS is quite generous. From the IRS IRS FAQ page: https://www.irs.gov/retirement-plans...nd-conversions

You generally can recharacterize your rollover or conversion by October 15 of the following year, regardless of whether you requested an extension to file your tax return. For example, for your conversion to a Roth IRA in 2013, you have until October 15, 2014, to recharacterize. This deadline applies even if:
  • you did not request an extension to file your 2013 tax return, and
  • you file your return on or before April 15, 2014.
ocean view is offline   Reply With Quote
Old 04-11-2017, 03:02 PM   #5
Full time employment: Posting here.
misanman's Avatar
 
Join Date: Apr 2008
Posts: 721
Quote:
In searching I found an online form at Fidelity to do re-characterizations of either contributions to IRA or Roth IRA or conversions to Roth IRA. Since I hate talking to people I like this option. I was wondering if others had used this option and could say how long the process took?
I've re-characterized online more that once and I think it was processed right away. It may have taken overnight to show up correctly, I don't remember. At any rate, it was extremely easy.
misanman is offline   Reply With Quote
Old 04-11-2017, 06:12 PM   #6
Recycles dryer sheets
 
Join Date: Jun 2014
Posts: 99
I see now there is a 'My Transactions' page you can get to from 'Activities and Orders'. That shows the pending re-characterization and tells me it will take another business day.
I get my taxes done pretty early but because I get a lot of corrected 1099's I don't file till very close to the deadline. That means I have to wait to do the re-characterization till near filling time as well. Not in my nature to delay but you're forced to. I want to avoid extending the return if I can.
Thanks for the input.
Neill is offline   Reply With Quote
Old 04-12-2017, 07:09 AM   #7
Recycles dryer sheets
 
Join Date: Mar 2008
Posts: 350
Does a rollover from a taxable 401k to a Roth IRA need to recharacterize if my income was over the limit? I've already recharacterized the monthly contributions made to the Roth for 2016.
__________________

DAYDREAMER is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Re-characterization mechanics at Fidelity Neill FIRE and Money 6 02-19-2017 09:31 AM
Online calculator article from CBS MarketWatch mickeyd FIRE and Money 1 10-25-2004 10:06 AM
Online Survey Marketing--B.S. or Legit? Tommy_Dolitte Young Dreamers 3 10-12-2004 03:11 PM
online book on ETF's wzd Other topics 3 08-26-2004 06:43 AM
Online Monte Carlo calculator RoyUtah FIRE and Money 5 01-18-2004 02:41 AM

» Quick Links

 
All times are GMT -6. The time now is 05:59 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×