I contributed to Roth IRA for 2023 a week ago then found that I'd have a big tax due (>$700) then I started working on my 2023 tax filing; that leads to a possibility of recharacterizing the contributed 2023 Roth IRA to traditional IRA in order to take the income deduction to bring my possible tax refund (>$600). My numbers are not huge but my income is low and they are meaningful to my financial situation. I was told once I submit the request to "recharacterize" I cannot undo it. I have never encountered "recharacterization" and very nervous about how difficult and complicate it may be for filing tax. Could someone advise what are the process, risk, etc. anything I need to know before I request to recharacterize?
Thank you very much!
