Help!! Recharacterize IRA Question
In April 2012, I made a $2000 contribution to my Existing Traditional IRA account. I also got a 6 month extension to file taxes.
Now, while doing my taxes, I realized that I will not be able to take a deduction for this contribution. However, I can contribute upto $5000 to my Roth IRA so I asked my fund company to re-characterize my contribution of $2000 to Roth IRA (I have an existing Roth IRA with same company). Of course, I have funds in these accounts from contributions made in the past.
Went thru 8606 instructions. On page 3, rec-characterizations, Example 2 relates to something similar except the fact that the example mentions a new Traditional IRA in which contribution is made whereas I made my contribution in an existing IRA account.
Do I just submit a statement or do I need to file 8606?