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 before the due date April 15,2024 or Oct 15, 2024 if 1040 was timely filed..
You will instruct trustee to calculate the allocable earnings.
report this on your tax return for the year during which the contribution was made.
Treat the contribution as having been made to the second IRA on the date that it was actually made to the first IRA.
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You didn't state when the contribution was made.
IF your contribution was in 2023 you need to amend to specify if it is non-deductible (2023 Form 8606)
or deductible (2023 Schedule 1 Line 20)
@em451
