Hello all,
I tried to use the search tool, but i didn't find an answer to my question, so i'm hoping you all can help.
I'm trying to lower my AGI.
I've already contributed $5k (it's now worth 5,300) to my Roth ira this year, but i want to recharacterize it into a traditional ira.
When i called, he said it would recharacterize into my rollover ira, then i would have a "clean slate" to contribute to a traditional ira. Also, i will have to pay taxes on the $300 as ordinary income.
Do i understand this right? Why couldn't i recharacterize it directly into a traditional ira?
Thanks for any and all help!!