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Joel
I'd reason the same thing. But Pub 590-A, p.32 says

More than one IRA. If you have more than one IRA, figure the amount to be recharacterized only on the account from which you withdraw the contribution.

But clearly, you can only use the IRA to which the original contribution was made.

https://www.irs.gov/pub/irs-pdf/p590a.pdf

Per worksheet 1-3, the amount to recharacterize is the ratio of the gain (or loss) on the IRA with the conversion amount, divided by the value of the IRA when the conversion amount was added. Multiply this by the original contribution amount and that will be the amount to recharacterize.

BruceM
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