recharacterizing my roth ira contribution - continued

Due to my need to recharacterize my 2006 Roth IRA, I had sent Fidelity an email asking how to go about that. Below is their response:

Yes, you can recharacterize the $4,000 Roth IRA contribution to a non-deductible Traditional IRA.

There are no tax implications for recharacterizing to a Traditional IRA before April 17, 2007. With a recharacterization, Fidelity would transfer your 2006 Roth IRA contributions, plus any earnings the contributions have made this year, and move to a Traditional IRA account as your 2006 contribution. Since you do not have a Fidelity Traditional IRA account, you would need to establish a Traditional IRA. While the deadline is April 17, 2007, Fidelity needs to receive your Recharacterization request no later than April 10, 2007 in order to complete process by April 17, 2007.

If you timely file either a Federal tax return or an extension request, the IRS automatically provides a 6-month extension to process a recharacterization for the prior year.

To establish a Traditional IRA account, you will need to fill out a Fidelity IRA application. You can fill out the application online and submit it electronically, or I can mail a new account application to your home.

To access the new account application online:
1. Please go to http://www.Fidelity.com
2. At top of page, click the link "Open an Account" and then the "Open Now" link.
3. On left hand side, choose the "Traditional or Roth IRA" link
4. At this point, you will be asked to either fill out and submit the application online or fill out, print, and mail application to Fidelity.

Please fill out the "Fidelity Request for Recharacterization Form" to request the recharacterization. Upon receipt we will recharacterize your Roth IRA into a Traditional IRA.

You can download this form at our Web site:
http://personal.fidelity.com/retirement/pdf/crechar.pdf

Please complete the form and return to Fidelity for processing. You will have your confirmation letter within three to five business days of Fidelity receiving your request.

Please note that non-deductible Traditional IRA contribution and recharacterizations are both normally reported on IRS Tax Form 8606.

Sounds easy enough, right? Now, it's time to execute. It's nice to find out that as long as I file my taxes on time, I'll have an extension to get this recharacterization completed correctly. It wasn't that exciting, however, to see that yet another IRS tax form will be needed. =\