Recharacterization of Roth to tradtional IRA?

Question

I re-characterized my 2006 Roth IRA contribution ($500.00) to a Traditional IRA in March 2007 when I realized I was not eligibile. I've already filed my 2006 tax return. How do I need to amend my tax return in order to reflect the recharacterization? I know I'll be receiving the 1099R and 5498 in 2008.

Do I just fill out Form 8606, since I'm not eligible to deduct the Traditional IRA? Anything else?

Thank you.

I didn't convert from Roth to Traditional IRA, I did a recharacterization. Per everything I read, that is allowed.

Please clarify.

Answer 1

You can send in Form 8606 by itself only if you are not required to file a return. Since you already filed a return, you will need to amend your return and attach Form 8606 to the 1040X.

See the instructions for Form 8606.

http://www.irs.gov/instructions/i8606/ch01.html#d0e126

Answer 2

No one is eligible to convert a ROTH IRA to a traditional IRA. Traditional IRAs can be converted to ROTH IRAs if you qualify, but not from ROTH to traditional. I recommend taking all the paperwork to a professional and filing an amended return.