Many thanks for the reply. I did not get a warning about the excess contribution, but rather I know that our income exceeds the level for which any Roth IRA contribution at all is allowed. I recharacterized my Roth IRA contribution into my Traditional IRA, where it would have been treated as a nondeductible contribution and then I decided that if it is nondeductible, I would rather just have the cash back in my hands.
I presume I will need to create two 1099-R's -- one for the recharacterization from the Roth to the Traditional IRA and then a second 1099-R for the withdrawal of the recharacterized "excess" nondeductible contribution to the Traditional IRA? Do I have that right? And I had the luck to have earnings on both the recharacterization ($1500) and further earnings when I withdrew the excess contribution ($317) from the Traditional IRA. I should report these two earnings amounts separately, right? The $1500 on the Roth recharacterization and then the $317 on the removal of the excess contribution from the Traditional IRA? Many thanks again!
