Definitions for "Redesignation"
The designation of an IRA contribution originally intended to be made for one year as made for a later year, usually because the contribution may not be made for the year originally intended. A redesignation of en excess contribution will not eliminate the applicable excise (penalty) tax, but allows the contribution to remain in the IRA.
An individual who makes an excess contribution to a Traditional IRA for a given tax year may in some cases apply the contribution to the next tax year by means of redesignation. Redesignation does not dismiss the penalty, but allows the funds to be left in the IRA.
The movement of software licenses from one system to another of the same or lower rating within a legal entity. Redesignations require neither HP's notification nor permission.