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The issue is not whether it is a new or old TIRA. The question is the existing balance in TIRAs.

I have a rollover IRA with an existing balance, about $40K. I've had it long enough that I no longer remember where it came from, but probably a 401K plan from a former employer.

You can recharacterize a ROTH over contribution. It is no longer possible to recharacterize a ROTH conversion.

Sorry, but I don't understand that sentence. Can you put it more simply?
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