I made$6,500 in contributions for 2023 to my Traditional IRA. Then after a week, I changed my mind, submitted IRA recharacterization form to my bank. My bank moved $6,500 to my Roth IRA account.
I was planning to rollover all of my fund in Traditional IRA to Roth IRA next month because it looks like I will be in low tax bracket this year. However I read I can’t rollover anymore this year because recharacterization is a rollover/conversion. And I have to wait 12 month. Is that true?
Also what forms do I need to submit to report this recharacterization correctly when I file my tax? My bank account page says contribution to Traditional IRA 2023 is $6500 and contribution to Roth 2023 is $0. But I moved the $6500 already.. I am confused!
