Recharacterizations allow clients to either fix mistakes or change their minds about recent IRA transactions. Clients can choose to recharacterize an IRA contribution to change their initial designation to a Roth IRA for tax purposes. A recharacterization can also be used to reverse an IRA conversion. 

1. Complete the IRA Distribution form.
2. Complete the IRA Recharacterization Notice form.
   1. In Xperience > SilverLake > StreamLine Platform Menu > Recall existing accounts from Core.
   2. On the Inquiry/Website Selection page, click OK. 
   3. From the Application drop-down menu, choose T-Time Deposit. 
   4. In the Account Number field, enter the IRA account number.
   5. From the Platform Type drop-down menu choose *MD- Miscellaneous CD Documents.
   6. Press OK until you reach the page with line 423 IRA Recharacterization notice.
   7. On line 423 IRA Recharacterization notice, type Y.
   8. Complete sections 1, 2, 3, and 5.
   9. Have the client sign the form either upon printing or in eSign.
3. Complete the IRA contribution.  
   1. If funds are being deposited into existing IRA follow the Contributing to Existing IRA Plans procedures. 
   2. If funds are going into a new IRA account follow instructions in New IRA Plan.
4. Place the documents not submitted via eSign with the daily work for imaging following the Document Imaging procedures.