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BOSTON (TheStreet) -- If you want to back out of a Roth IRA conversion, today is the day.

Today marks the end of the six-month extension for filing 2009 taxes, which is also the last day to "recharacterize" a Roth IRA conversion you made last year, reverting assets back to a traditional IRA and recovering any taxes paid as part of the initial conversion.

Reclaiming taxes requires the filing of an amended tax return for 2009 (Form 1040X).

A Roth IRA may no longer make sense for you if the additional taxable income from the conversion meant a higher federal income tax bracket. Determining that your future tax burden will be less than anticipated in retirement may also mean the conversion isn't as valuable as you thought.

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Other factors: not having sufficient cash reserves to cover the up-front tax bill (which can, as a one-time offering, be split between this and next year); a significant drop in the value of investments after converting to a Roth IRA; or a financial situation, such as job loss, that now makes paying up-front taxes unwise.

For the indecisive, or those with lingering financial questions, even the recharacterization is not permanent. Assets moved back to a traditional IRA can be once again be converted to a Roth IRA in the next tax year, or 30 days after the move, whichever is later.

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