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With respect to the above advice there is a section of the IRC that allows the commissioner, at his discretion, to extend the time to recharacterize an IRA. You would need to file and request the extension but if you are granted the extension based on the circumstances of your not meeting the time you would not be penalized.
I offer you the following link to read, it is a ruling that was issued for the specific individual and although you cannot use the specific ruling for yourself it explains how they were able to receive the relief:http://www.irs.gov/pub/irs-wd/1204027.pdf
It is wordy but look to the page 4 info as it gives the reasons the commissioner allowed the relief.
I hope this info is useful to you and advise that you go over the info with your tax professional.
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