I converted a regular IRA into a Roth IRA. When doing my tax return, I found that this put me into a higher tax bracket so I recharacterized part of the conversion to what I thought put my taxable income back into the lower tax bracket. However, I now find that the amount I recharacterized was not large enough. Can I recharacterize some more of the conversion to get my taxable income low enough to put me in the lower tax bracket?
Yes. There is no limit on the number of recharacterizations that you can do. You can recharacterize some or all of the remaining conversion amount back to an IRA. You must attach a note to your federal income tax return to explain the recharacterizations.
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