Good news: You now have until Oct. 15 to undo any Roth IRA conversions that you made in 2017.
The bad news: That will be the last tax year you will be eligible for a do-over, thanks to the Tax Cuts and Jobs Act.
Here's how it works: You convert your traditional pretax individual retirement account to a posttax Roth IRA. The transaction puts you on the hook for taxes on the money that is converted.
If you decide that tax bill is too much, say because your income is higher than you thought it would be, you may still be able to reverse the transaction. But that only goes for conversions that were done in 2017.
New guidance from the IRS says that you have until Oct. 15 to undo an IRA conversion from last year.
"This is the last time," said Jeffrey Levine, CEO and director of financial planning at BluePrint Wealth Alliance. "You don't want to forget about it."