Roth Ira/nondeductible IRA

[Guest mkelly]

In 2001 I made Roth IRA contributions on a monthly basis until June of 2001. Then realized that income would be such in 2001 that Roth IRA for 2001 would not be available. Requested Roth IRA contributions to be recharacterized as IRA contributions for 2001 (they would be nondeductible)...and made no more contributions for the year.

The 2001 5498 received indicates in box 10 the Roth IRA contributions, and type of IRA in box 7 of ROth IRA. Received a second 2001 5498 with an amount in box 4 of "recharacterized CONTRIBUTIONS" and Type of IRA 'Rechar IRA".

Is this correct?

[Guest franky]

Everything looks ok except type of IRA on second 5498 should be "IRA" not "rechar IRA." In fact, "rechar IRA" does not appear on 2001 version of Form 5498.