The IRS considers an 'outstanding rollover' to be the amount of any tax-free distribution from a traditional IRA received by you in 2025 after November 1, 2025, that was then rolled over to another traditional IRA in 2026, but within the 60-day rollover period.
Further detail here, at the instructions for Form 8606.
An 'outstanding recharacterization' involves a bank-to-bank transfer from a traditional IRA to a different type of IRA, such as a Roth IRA.
If you did not request a change in your plan type with your IRA plan administrator, this scenario likely wouldn't apply to your distribution(s); consult your IRA trustee bank if you're still unsure.
See also: a detailed IRS example of an IRA recharacterization with instructions for reporting the outstanding 2026 portion.
Find general information about Form 8606 and your IRA tax matters, at this TurboTax knowledge page.
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