Are there limitations on recharacterizing (not converting) IRA contributions such that you could not re-characterize a contribution multiple times?
Recharacterized an Roth IRA to a traditional IRA, only to afterwards realize that was not the best thing to do. Looking at Publication 509-A, I see there are restrictions on on recharacterizing after a conversion, however, I do not see anything restricting recharacterizing after a recharacterization.
I am still within the window to be able to file an amended tax return.
Why I recharacterized: I will be in the Peace Corps for the next 27 months and will have little taxable income. The Peace Corps pointed out that there can be tax advantages in converting IRAs while serving and having low income. I recharicterized my contribution Roth contribution so I could do so.
Why I want to re-recharacterize: The fees for maintaining the IRA are higher than I anticipated, eating into any tax savings I expected to realize. Additionally, transferring the IRA to somewhere I could hold it for free has a high exit fee.