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Brenda Guy
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 151
Experience:  20 years of working with income and estate tax issues for families and businesses.
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I just realized that I inadvertently rolled over a Roth IRA

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I just realized that I inadvertently rolled over a Roth IRA to a traditional IRA. This happened in 2008. (I had 2 Traditional IRAs and a 403B Plus this Roth and wanted to have all my monies together in a Self-Directed IRA) Now in 2010 I decided to convert my monies to a Roth. As I am doing my taxes I discovered that part of the money that I re characterized was in a Roth before I rolled it over to the self-directed Traditional IRA. This means I will be paying taxes on that portion all over again. My question is, how do I go about correcting this so I don't pay taxes on the same money twice?

You may not be able to avoid paying taxes again given the timing.

One thought I have is that the 2008 rollover from the Roth should have produced basis in the traditional IRA. You reduce the amount taxed by that basis. You should be able to calculate this by summarizing to contributions to the original Roth.

Customer: replied 5 years ago.
Thank You for your answer. The last sentence do you mean "summarizing THE contributions to the original Roth?

Yes, sorry for the typo.
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