I converted a traditional IRA to a Roth IRA last year, and it has lost money. Do I still have time to undo the switch? Yes, you have until Oct. 15, 2018, to eliminate the tax bill by transferring the converted funds back to a traditional IRA. This is called a recharacterization. If you’ve already filed your 2017 return and paid tax on the conversion, you can file an amended return on Form 1040-X to seek a refund.

Roth conversions done after 2017 are irreversible. You still have the ability to convert your traditional IRA to a Roth, but you won’t be able to undo it later.