During the last few months, there has been a significant decline in the stock market. Some taxpayers may find that they are paying income taxes for a value that no longer exists. The Internal Revenue Code permits a reversal to be done. It is called a "recharacterization". According to questions and answers posted to the IRS web site (www.irs.gov), the final date for the notice and transfer to be done for a 2010 Roth conversion is October 17, 2011.