Common use of Recharacterizations Clause in Contracts

Recharacterizations. For tax years beginning before January 1, 2018, if you have converted from a SIMPLE IRA to a Xxxx XXX, you may recharacterize the conversion along with net income attributable back to the SIMPLE IRA. The deadline for completing a recharacterization is your tax filing deadline (including any extensions) for the year in which the conversion was completed. However, effective for tax years beginning after December 31, 2017, you may not recharacterize a Xxxx XXX conversion.