We contribute to a Roth IRA. Our AGI ended up greater than $196,000. I was told a new tax law prevents us from recharacterizing back to traditional IRA. What options?

[dmertz · Accepted solution]

The new law does not apply to this.  Your options are to recharacterize to a traditional IRA, to obtain a return of contribution from the Roth IRA, or keep the excess contribution and pay penalties each year until the excess is resolved.