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Plenty of time to undo Roth conversion

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Q. My Roth IRA balance has dropped since I converted last year. Can I still reconvert the account back into a regular IRA? J.C., Kennebunkport, Maine

A. Yes. Up until Oct. 15, you can elect to “recharacterize” your Roth back into a traditional IRA with no adverse tax consequences. (Technically, a “reconversion” only occurs if you then convert back to a Roth again.) What’s more, you don’t necessarily have to make a final decision by April 15. You can take as long as the extended due date—Oct. 15, 2015—for a recharacterization, even if you don’t actually apply for an extension.

Tip: You might give yourself more time to see if your account bounces back before recharacterizing.

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