recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but that is ignored.
You must use a trustee-to-trustee transfer before the due date April 15,2025 ( or Oct 15, 2025 if 1040 was timely filed or extended).
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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since the 2024 Roth contribution was $6500,
the contribution to the second IRA is $6500, which can be elected non-deductuble.
An earning of $1500, which you also converted , is taxable.
@taxcurious2
