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Client did a Roth conversion in 2018 and now wants to unwind it because he doesn't have the cash to pay the tax. Can that still be done?

Ephesians3-14
Level 8

My client (who is disabled) did a Roth conversion in 2018 and when I prepared the return to tell him he owes $1,500, he said he doesn't have the cash to pay it. Can the conversion be recharacterized? 

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Just-Lisa-Now-
Level 15
Level 15

 A quick Google search for  "Unwind ROTH conversion 2018"  should answer your question.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15

 A quick Google search for  "Unwind ROTH conversion 2018"  should answer your question.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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itonewbie
Level 15

If that was a conversation, your client cannot recharacterize that to a traditional IRA.  That route was shut down by TCJA, effective from tax year 2018.

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