Hello. I'm in dire need of some advice. I made non deductible contributions to an IRA thinking I could easily convert it over to a ROTH IRA. So I did exactly that about 4 times last year. Unfortunately, I did not realize I would be subject to taxation since I have a significant amount in my Rollover pretax IRA so I panicked and Recharacterized the 4 transactions thinking I could reverse the error. Do you guys have any words of wisdom before I go to speak with a tax professional? Luckily the amount was only around $5000 but I'm worried that I'll have to pay a $2000 tax penalty. Is there any way to fix this mess?
