recharacterization: the original amount to the first IRA you report as contribution to the second IRA, earnings move but for basis that is ignored.
You must use a trustee-to-trustee transfer before the due date April 15,2026 ( or Oct 15, 2026 if 1040 was timely filed or extended).
Contact custodian for correct form to recharacterize.
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.
Attach a statement to your tax return describing the recharacterization and how you treated the contribution to the second IRA.
To report a non-deductible contribution, Form 8606 must be attached.
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