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tax purposes falls on a Saturday, Sunday, or legal hol- iday, the due date is delayed until the next business day. Appropriate corrective action consists of: • Notifying the trustee(s) of your intent to recharacterize, • Providing the trustee with all necessary information, and • Having the trustee transfer the contribution. Once this is done, you must amend your return to show the recharacterization. You have until the regular due date for amending a return to do this. Report the recharacteri- zation on the amended return and write “Filed pursuant to section 301.9100-2” on the return. File the amended re- turn at the same address you filed the original return. Decedent. The election to recharacterize can be made on behalf of a deceased IRA owner by the executor, administrator, or other person responsible for filing the de- cedent's final income tax return. Election can’t be changed. After the transfer has taken place, you can’t change your election to recharacterize. Same trustee. Recharacterizations made with the same trustee can be made by redesignating the first IRA as the second IRA, rather than transferring the account balance. Reporting a Recharacterization If you elect to recharacterize a contribution to one IRA as a contribution to another IRA, you must report the rechar- acterization on your tax return as directed by Form 8606 and its instructions. You must treat the contribution as having been made to the second IRA. More than one IRA. If you have more than one IRA, fig- ure the amount to be recharacterized only on the account from which you withdraw the contribution. When Can You Withdraw or Use Assets? You can withdraw or use your traditional IRA assets at any time. However, a 10% additional tax generally applies if you withdraw or use IRA assets before you are age 591/2. This is explained under Age 591/2 Rule under Early Distri- butions in Pub. 590-B. You generally can make a tax-free withdrawal of contri- butions if you do it before the due date for filing your tax return for the year in which you made them. This means that, even if you are under age 591/2, the 10% additional tax may not apply. These withdrawals are explained later. Contributions Returned Before Due Date of Return If you made IRA contributions in 2018, you can withdraw them tax free by the due date of your return. If you have an extension of time to file your return, you can withdraw them tax free by the extended due date. You can do this if, for each contribution you withdraw, both of the following conditions apply. • You didn’t take a deduction for the contribution. • You withdraw any interest or other income earned on the contribution. You can take into account any loss on the contribution while it was in the IRA when calcu- lating the amount that must be withdrawn. If there was a loss, the net income earned on the contribution may be a negative amount. Note. If you timely filed your 2018 tax return without withdrawing a contribution that you made in 2018, you can still have the contribution returned to you within 6 months of the due date of your 2018 tax return, excluding exten- sions. If you do, file an amended return with “Filed pur- suant to section 301.9100-2” written at the top. Report any related earnings on the amended return and include an explanation of the withdrawal. Make any other necessary changes on the amended return (for example, if you re- ported the contributions as excess contributions on your original return, include an amended Form 5329 reflecting that the withdrawn contributions are no longer treated as having been contributed). In most cases, the net income you must withdraw is de- termined by the IRA trustee or custodian. If you need to determine the applicable net income on IRA contributions made after 2018 that are returned to you, use Worksheet 1-4. See Regulations section 1.408-11 for more informa- tion. Example. On May 2, 2019, when her IRA is worth $4,800, Cathy makes a $1,600 regular contribution to her IRA. Cathy requests that $400 of the May 2, 2019, contri- bution be returned to her. On February 2, 2020, when the IRA is worth $7,600, the IRA trustee distributes to Cathy the $400 plus net income attributable to the contribution. No other contributions have been made to the IRA for 2019 and no distributions have been made. The adjusted opening balance is $6,400 ($4,800 + $1,600) and the adjusted closing balance is $7,600. The net income due to the May 2, 2019, contribution is $75 ($400 x ($7,600 – $6,400) ÷ $6,400). Therefore, the total to be distributed on February 2, 2020, is $475. This is shown on Worksheet 1-4. Example—Illustrated. Chapter 1 Traditional IRAs Page 31