recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but are ignored. You must use a trustee-to-trustee transfer.
report this on your tax return for the year during which the contribution was made.
you can recharacterize a 2023 contribution beforeTax Filing Day, including extensions if you request an extension.
It is too late to recharacterize a 2022 contribution.
after tax due date including extensions: you distribute the excess amount being carried forward on 5329,
(or offset it with currently allowed contribution) .
An amended return will be needed supplying Form 5329 since there is a 6% penalty per year on excess contributions .
Any positive earnings stay in the Roth account.
@Scouse-s
