Thank you very much Dana. @DanaB27
Some quick follow up questions:
- am i supposed to get a 1099-R related to the recharacterization? I did the recharacterization request last Wednesday but it has not reflected on my account yet. Am I ok to indicate it on my taxes before by April 18 even if the brokerage has not fulfilled the request?
- if I were to do a backdoor Roth conversion (I plan to do it after I file taxes so the movements are less confusing), am I limited to the $1000 non-deductible contribution plus the value of the recharacterization ($6000 - losses of $1500) if I want to convert only my non-deductible contributions?
Thanks again! I'm hoping I won't have to file for an extension and wrap this up Tuesday.
