Recharacterize INTO a Roth IRA?
I searched the threads and saw some discussion about recharacterizing from a Roth into a regular IRA if it turns out you realize at tax time that you earned too much to qualify for a Roth.
Can a recharacterization work both ways?
I'm probably not going to qualify for a Roth IRA in 2008 due to income limits, but there's a chance that I might depending on how much freelance work my DW picks up and the size of my bonus this year. I'd like to invest some money now, and the safe bet would be to invest it in a traditional (and in this case, non-deductible IRA). If it turned out that for 2008 I snuck in under the Roth contribution limit, could I recharacterize this contribution into a Roth contribution instead?
Anyone every done that? How big of a PITA was it?