kaneohe wrote:Contact the broker or financial institution and have them recharacterize the whole contribution.
Alan S. wrote:What you should really avoid here is a corrective distribution of the non deductible portion as the earnings will increase your MAGI and further reduce your deduction in a vicious circle. For that reason full or partial recharacterization is best, and a partial recharacterization is the same amount of work as a full recharacterization. Your tax return should include the explanatory statement regarding your contribution and recharacterization, since the IRS will not know what you did till Jan, 2014 otherwise and could contact you.
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