Kobydog,
Yes, you can recharacterize your 2007 conversion from a TIRA to a Roth back to the Roth after January 1, 2008. (Thanks for the correction, EngineeringMyFinances). In fact, you have until October 15, 2008, the end of the automatic extension period for filing tax returns. You can file an amended tax return if you have already filed and then decide to do a recharacterization.
I have only done a conversion and recharacterization once, from a Vanguard TIRA to a Vanguard Roth and back again. Vanguard has a specific form for the recharacterization. Note that you specify the amount of the conversion that you want recharacterized, but the amount that goes back to the TIRA is adjusted to include any gains or losses while in the Roth. Vanguard messed up this calculation when I did a recharacterization, but the error was not hard to get corrected. If you go the recharacterization route, I recommend that you keep everything within one company and verify the calculations.
It makes life easier if you can figure your taxes well enough before the end of the year in order to get the conversion amount close to right and avoid recharacterization. After my recharacterization experience I decided that getting within a few hundred dollars of the top of the tax bracket was good enough.
ExHermit
Yes, you can recharacterize your 2007 conversion from a TIRA to a Roth back to the Roth after January 1, 2008. (Thanks for the correction, EngineeringMyFinances). In fact, you have until October 15, 2008, the end of the automatic extension period for filing tax returns. You can file an amended tax return if you have already filed and then decide to do a recharacterization.
I have only done a conversion and recharacterization once, from a Vanguard TIRA to a Vanguard Roth and back again. Vanguard has a specific form for the recharacterization. Note that you specify the amount of the conversion that you want recharacterized, but the amount that goes back to the TIRA is adjusted to include any gains or losses while in the Roth. Vanguard messed up this calculation when I did a recharacterization, but the error was not hard to get corrected. If you go the recharacterization route, I recommend that you keep everything within one company and verify the calculations.
It makes life easier if you can figure your taxes well enough before the end of the year in order to get the conversion amount close to right and avoid recharacterization. After my recharacterization experience I decided that getting within a few hundred dollars of the top of the tax bracket was good enough.
ExHermit