Under pre-2018 law, contributions to an IRA (traditional or Roth) made in the tax year could be recharacterized. A trustee-to-trustee transfer to the other IRA type must be completed before the due date of the taxpayer’s tax return for that year. The contribution will then be deemed to have been made to the account to which it was transferred. The recharacterized (transferred) contribution must include any net income allocable to the contribution.
The TCJA eliminated the provision allowing a taxpayer to reverse the conversion of a Roth IRA by recharacterizing it as an IRA.