I have a traditional IRA account made up of employee 401K rollovers. No basis tracking since all rollovers were tax deductible. In Jan 2022 I did a conversion into a Roth IRA account with same trustee. The conversion was stock equities, which today have losses. Now, I am working my 2022 tax return, and found tax rate will be 32%, when I was thinking it would be 16%. How can I undo this using "recharacterization". One more issue, I requested a filing extension, but my local post office timestamped my letter to the IRS with April 19th, when I had taken it to the post office dropbox on April 18. Thus, IRS denied my extension request.
Thanks for your feedback..!!!
