I also found a very useful reference on IRA's that detailed how to proceed with the recharacterization, which I did. However, I could only recharacterize the current market value of the fund I had, not the full 3500, as I understood the reference.That's correct. However, you take the full $3,500 deduction. The effect of a recharacterization is to sort of turn back the clock and make things as though the original transaction, i.e. your $3,500 contribution, was made to the final account.Phil
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