When you recharcterize, applicable earnngs go along for the ride but that is ignored.
As far a basis is concerned, your original contribution to the first IRA is now a contribution to the second IRA.
Earnings would be taxed when distributed.
"What else do I need to do"
Report an IRA deduction if you can and will take it.
Otherwse, elect non-deductible. this goes on Form 8606.
@Biblio_67
