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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124817  
Subject: Re: Excess Contribution for Roth IRA Date: 3/20/2014 6:44 PM
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jettaker: "Yes. That would be an option too. I do not currently have a traditional IRA so I would open one to roll the excess into it."

Words really matter here. "Rollover" and "Recharacterization" are terms of art and mean two very different things.

You are not rolling over anything; you are recharacterizing your 2013 contribution!

"Would I only need to put the $5,500 in there or do I also need to transfer NIA?"

You are still confusing a rollover and a recharacterization.

You should be able to to this with your Roth custodian very easily.

See e.g.: from which I quited in my prior post

"Some financial institutions will process the recharacterization by simply changing the IRA from one type to another. Check with your IRA custodian/trustee about their procedure and any documentation requirements for processing a recharacterization." Id.

"For tax purposes, the [recharacerized contribution amount] will be treated as though it were made to the [traditional] IRA from the beginning."
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