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When you say "next year's R1 class", I'm not clear as to whether you mean they have an open spot for an R1 position starting July 2022 or July 2023.
If July 2022, then the PD can fill with whomever he can find outside the Match. This is because there is no possible way to use the NRMP's Match to fill this spot, the Match for this year is done. If this is the case, you have a legit shot at "switching". This is a rare scenario.
If July 2023, then the PD has to fill through NRMP's Match which runs in March 2023, by having an "R" position. This is the agreement that programs make with the Match when they sign up. Of course, if the program does not use the Match then this is moot. However, I'm not aware of any programs that don't use the Match (there were rare programs who went this route a while back). If this is the case, you still might be a successful candidate but it doesn't involve a "switch", it requires you to sign up for the Match, then interview for this position (and others), then wait until next March to find out. This would mean a gap year in which you'd have to figure out what you do.
Here's the rub. You might think you can make this "get out of IM" decision after July 1, 2022 and plan to stay on as an IM resident for a 2nd year to keep salary/benefits/etc-- but doing so could impact your funding. The program that takes you cannot rely exclusively on federal funding, otherwise they would not take you as you won't have full federal funding anymore having used up 2 years for IM. Many but not all programs have a supplemental funding source that makes this moot. Many programs do not.
In scenario 1, you are quitting your IM residency at the end of June 2022 and filling an open position outside the Match. In scenario 2, you might need to quit your IM residency at the end of June 2022 and match to an R position in the next Match. In either case, once you've decided on this route, you need to tell your IM PD. The IM residency has a hole either way, and the IM PD probably has a better chance to fill the hole the sooner you tell him/her.
If you've decided you are going for rads, you should tell your IM PD. If you aren't sure, you should discuss with your IM PD. After discussing, if you decide you are staying for IM, I don't think the discussion is going to hurt you.
Just to follow up:
I met with the Rads PD at my institution last week. They have a spot open and are looking for applicants outside the match. I was the only one interviewed in person, and the rest will be via Zoom. I am already a categorical IM and he said the fact that I am already a resident there would make it easier for me to be switched into the program as he said. He obviously will be interviewing other applicants. Per residency explorer, my Steps 243/237 fall within the 50% of their average for their matched residents. I have a few pubs as an intern, otherwise not much in the way of Radiology research. My interview was laid back and engaging. Fingers crossed it works out. I am sure I am going up against some pretty stiff competition. The position, however, is not being advertised so hopefully there is not a sea of applications he has to sift through lol