For those of you who have been paying close attention to the Tax Cuts and Jobs Act, a direct change was made to Roth IRAs. The change removes the ability to re-characterize Roth IRA conversions which could have a big impact on financial planning for some taxpayers. According to the IRS, “a re-characterization allows you to treat a regular contribution made to a Roth IRA, or to a traditional IRA as having been made to the other [type] IRA.” For Tax Year 2017, this will be the last year a taxpayer will be eligible for a “do-over” up until October 15, 2018. This re-characterization will no longer carry on to Tax Year 2018 under the new Act. The IRS states, “A Roth IRA conversion made in 2017 may be re-characterized as a contribution to a traditional IRA if the re-characterization is made by October 15, 2018. A Roth IRA conversion made on or after January 1, 2018 cannot be re-characterized.”