Roth IRAs

Yes. If you converted a conventional IRA to a Roth IRA, and now want to reconvert it back to a conventional IRA, you may do so with limitations. When you changed the IRA to a Roth IRA, it is termed a "conversion". When you change it back from a Roth IRA to conventional IRA it is termed a "re-characterization". The IRS has imposed a waiting period before a reconversion may be made. You may not convert to a ROTH IRA, re-characterize to a traditional IRA and Reconvert the same funds to a Roth IRA in the same calendar year. You must wait more than 30 days from the date of the re-characterization before a valid reconversion may be made. You may also file an amended return (IRS Forms 1040X with Form 8606) to make this re-characterization.