> A recharacterization can be made from the Traditional to Roth IRA if accomplished no later than the date for filing of the taxpayer's individual tax return for the year in which the contributions to the Traditional IRA were originally made.
To clarify, in layman's terms, this basically means April 15th 2014?
> Also, I don't currently have a Roth IRA. If re-characterization is possible, what is the time limitation I'm faced with?
So you're saying it doesn't matter when I open the Roth IRA. So long as I do it, and get the re-characterization in before the deadline?
> I have other funds in the Traditional IRA (e.g. from 2012). Does this affect a re-characterization?
So this doesn't matter? I can re-characterize any contributions I made for 2013? (up to the proper limit for Roth IRA contributions as they apply to me)
> Also, consider opening a self-employed 401(k) account.
> I am now self-employed, and I have setup and contributed to a SEP-IRA.
Thank you for the advice. The SEP-IRA works better for me now as its flexibility allows me to invest in some "non-traditional" investments. Perhaps when I get to the point of maxing out my SEP-IRA I'll consider switching to a 401K.