I am 68 yrs old and opened a Roth IRA with funds from Traditional IRA. I was incorrectly advised that I was not eligible to open the Roth so I submitted a Overpayment Return request to Fidelity.
The money was returned to my cash account.
My understanding is that because it was not an overpayment my request to have the "overpayment" returned was not valid.
Not sure how to file this error and calculate tax and possible penalty.
Call to IRS was not helpful
Thank you in advance.
