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Greetings, Mwgregory, and welcome. You asked:

*Can I recharaterize only a portion of the $2000 contribution (and a pro rated share of the net income), or do I have to recharaterize the entire amount?

Assuming you're in the phase-out range for Roth contributions based on your AGI and filing status, then you may recharacterize the part of your original contribution that is now considered excess. However, if you have exceeded the upper limit for a contribution, then you must recharacterize the entire contribution.

*Would it be better to apply the excess contribution to a later year (as mentioned on page 38 of IRS 590).

That's up to you. As long as you recharacterize after January 1, 2000, then certainly you could say the excess contribution should be applied to a 2001 contribution.

*How much of a pain is this with the trustee (I use Schwab)?

That question is best asked of Schwab, not us.

Regards..Pixy
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