IRS Releases Guidance On IRA Recharacterization DeadlineWashington, DC, October 18, 1999 - The Internal Revenue Service has released Announcement 99-104, which extends the deadline for taxpayers to recharacterize 1998 IRA contributions, including Roth IRA conversion contributions, to December 31, 1999. The Service previously released Announcement 99-57 in May 1999, which permitted taxpayers who filed their tax returns by April 15, 1999 to elect to recharacterize a 1998 IRA contribution on or before October 15, 1999. Therefore, Announcement 99-104 modifies Announcement 99-57. Announcement 99-104 states that a taxpayer will be deemed to have timely made an otherwise valid recharacterization of a 1998 IRA contribution, including a Roth IRA conversion for which the taxpayer was not eligible, if: - the recharacterization occurs on or before December 31, 1999,
- the taxpayer timely filed his or her 1998 Federal income tax return, and
- the taxpayer files an amended 1998 return if the recharacterization is not properly reflected on the previously filed return.
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