Roth Recharacterization

[Guest ivyngcobb]

I converted some stocks in my IRA to ROTH IRA in 2001. It was a partial conversion. I wanted to recharacterize this partial conversion back to IRA before Oct 15, 2002 (due to tax burden). Since the conversion were all stocks and since then, my broker had sold some of those stocks he converted and purchased some new stocks in my Roth account. In recharacterization, do I just need to "reconvert" a "certain amount" of ROTH money back to IRA, regardless what stocks they are? Or if I can only 'reconvert' the same stofcks that I converted?

Second question: Since my last year's conversion was partial, I would like to make a new conversion (ON THE PORTION OF ira MONEY THAT i HAD NOT CONVERTED) in 2002? Am I allowed, to have a recharacterization (for the 2001 partial conversion as well as a confversion in 2002? If yes, and since both amounts sare in the same brokerage firm, am I runninig a risk of messing up with the IRS? I heard some one suggest that I better transfer the amount I want to convert this year to a new Roth account and have the new custodian brokerage firm do the 2002 conversion?

Any reply will be much appreciated. Thank you. Ivy