Summertime and the livin is easy.
IRAs are out of season.
But don t get too comfortable because Uncle Sam isn t content with the status quo. Regardless of the method used, the resulting IRS reports were a headache for IRA owners and the IRS alike. There was no way to distinguish between a recharacterization of a contribution made in a previous year or the current year. Multiple conversions, recharacterizations, and reconversions resulted in confusing Forms 1099-R and 5498. IRA owners and tax professionals lobbed criticism and complaints.