Dear Alan et al,

I have a client who will earn too much money in 2024 to directly contribute to a Roth IRA.  He has made $4,800 in YTD Roth IRA contributions.  Our plan is to:

1. Recharacterize the $4,800 plus earnings back to a Traditional IRA
2. Make another $2,200 in non-deductible contributions into the Traditional IRA
3. Convert $7,000 plus earnings back to his Roth IRA

Here are the questions:

1. Am I correct that only the earnings would be taxable on the conversion back to the Roth?
2. Can Steps #1-3 all be completed before year-end?

Thanks,

Chris