When should I report a Roth conversion on my tax return?

This means that if you make a conversion in 2022, the deadline for reporting the conversion on your tax return would be April 15, 2023. As I mentioned earlier, it’s also important to note that there is a deadline for recharacterizing a Roth conversion, which is October 15th of the year following the conversion.

Should you convert a traditional IRA to a Roth IRA in 2022?

This means that if you converted a traditional IRA to a Roth IRA in 2022, you would have until October 15th, 2023 to undo the conversion by recharacterizing it back to a traditional IRA. If you think a Roth IRA conversion would be a good move on your part, here are the steps you’ll want to take.

When should you convert a retirement account to a Roth IRA?

The deadline for converting funds in retirement and other accounts to a Roth IRA is Dec. 31 of the year for which taxes will be owed on the converted funds. Retirement savers may want to convert a different type of account to a Roth IRA because withdrawals from Roth IRAs can be taken free of income tax.