September 2015 Tax Due Dates – Roth Re-Do Deadline

September 2015 Tax DeadlinesThe tax due dates for September 2015 are:

  • September 15 – Third quarter installment of 2015 individual estimated income tax is due.
  • September 15 – Filing deadline for 2014 tax returns for calendar-year corporations that received an automatic extension of the March 16 filing deadline.
  • September 15 – Filing deadline for 2014 partnership tax returns that received an extension of the April 15 filing deadline.
  • October 1 – Generally, the deadline for businesses to adopt a SIMPLE retirement plan for 2015.
  • October 15 – Deadline for filing 2014 individual tax returns on extension.

Roth re-do deadline approaching

It turns out you can go back after all – at least when it comes to last year’s decision to convert your traditional IRA to a Roth. The question is, do you want to?

You might, if your circumstances have changed. For example, say the value of the assets in your
new Roth account is currently less than when you made the conversion. Changing your mind could save
tax dollars.

Recharacterizing your Roth conversion lets you go back in time as if the conversion never happened.
You’ll have to act soon, though, because the window for undoing a 2014 Roth conversion closes
October 15, 2015. Before that date, you have the opportunity to undo all or part of last year’s
conversion.

After October 15, you can change your mind once more and put the money back in a Roth. That
might be a good choice when you’re recharacterizing because of a reduction in the value of the account.

Just remember you’ll have to wait at least 30 days to convert again.

Give us a call for information on Roth recharacterization rules. We’ll help you figure out if going
back is a good idea.

Posted in Roth IRA, Tax filing deadlines

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