those who converted a traditional IRA into a Roth IRA in the 2010 calendar year, a unique planning opportunity is available for a limited period of time. In particular, as a result of your conversion you will be paying income tax on the value of your IRA as of the date of conversion. The problem, however, is that due to the recent drop in the stock market your IRA is likely to have gone down in value considerably since the conversion and you will thus be paying tax on monies that are no longer in your account. Until October 17, 2011 (if an extension has been filed, or October 31st if you are eligible for the extended deadline relief as a result of Hurricane Irene), however, you have the opportunity to "recharacterize" your IRA back into a traditional IRA. This will negate the need to pay tax on the conversion of assets that are no longer worth the amount on which the tax would be assessed. This strategy of recharacterizing your IRA might make sense even if you did not see a significant drop in the value of your IRA post–conversion because it will enable you to defer the payment of tax until 2012 (by waiting 30 days from the recharacterization and then reconverting your traditional IRA into a Roth IRA). This strategy is also available to those who have already filed their 2010 tax returns by filing an amended return by October 17, 2011 (or possibly October 31st) and seeking a refund.