2022 Standard Federal Tax Reporter (CCH) Committee Report on P.L. 115-97 (Tax Cuts and Jobs Act), Congress (United States)


Summary

  • Committee Report: Standard Federal Tax Reporter (2022), Committee Report on P.L. 115-97 (Tax Cuts and Jobs Act)

    .979 Recharacterization of Roth IRA conversions no longer permitted. -

    The House bill repeals the special rule that allows IRA contributions to one type of IRA (either traditional or Roth) to be recharacterized as a contribution to the other type of IRA. Thus, for example, under the provision, a conversion contribution establishing a Roth IRA during a taxable year can no longer be recharacterized as a contribution to a traditional IRA (thereby unwinding the conversion).  1Link to the text of the note 

    The provision is effective for taxable years beginning after December 31, 2017.

    The Senate amendment is the same as the House bill.

    The conference ...