Yes. There is no limit on the number of recharacterizations that you can do. You can recharacterize some or all of the remaining conversion amount back to an IRA. You must attach a note to your federal income tax return to explain the recharacterizations.
I'm 54 and collecting disability and a small pension. I have a rollover IRA for which I've been told that I can not add any money to unless it is "earned income." Is this a true statement and if so are there any workarounds?
You must have earned income (compensation) from working to be able to make an IRA contribution for the year. Disability income and pension income are not considered compensation, so you canít make an IRA contribution based on those amounts.
I am considering purchasing several annuities with the money in my SEP IRA. I want to keep the annuities in my IRA. Can I do this? I do not want this to be considered a distribution of the money and therefore cause a major tax problem.
You can invest your SEP IRA funds in a variety of investments, including annuities. Simply find a financial institution that offers IRA annuities (sometimes called qualified annuities) and transfer your IRA funds to that IRA annuity. An important point to keep in mind is that your IRA must purchase the annuity.