terminator
Recycles dryer sheets
- Joined
- May 30, 2006
- Messages
- 230
I'm wondering if anyone knows if there is a way to undo a current year Roth contribution, take the loss, and then recontribute the $4,000? Even if I could just undo it and re-contribute $4,000 I'd be happy so I could increase the long-term value of the Roth account's tax deferral.
I know you can recharacterize contributions, although changing it from a Roth contribution to a traditional IRA contribution doesn't seem like it would help me. I also know you can undo contributions if you have overfunded because your AGI is too high, although that isn't the case this year.
Any help would be appreciated as I can't find a clear answer to whether there is a way to do this. I looked at the usually helpful fairmark website, but couldn't find an answer there. Thanks.
I know you can recharacterize contributions, although changing it from a Roth contribution to a traditional IRA contribution doesn't seem like it would help me. I also know you can undo contributions if you have overfunded because your AGI is too high, although that isn't the case this year.
Any help would be appreciated as I can't find a clear answer to whether there is a way to do this. I looked at the usually helpful fairmark website, but couldn't find an answer there. Thanks.
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