Hi. In 2024, I contributed 7000 to Roth IRA. But in January 2025, I realized the income exceeded the threshold. So here is what I did.
1. Return of excess ($7,000) IRA contributions : from Roth IRA to brokerage account (calculated amount: $6500 due to $500 loss)
2. Transfer of $7000 (not $6500) from brokerage account to Traditional IRA
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The two steps above was done in early April, and what do I report on my tax return (Y2024)? It may look like, I contributed $7000 to Roth IRA, and another $7000 to Traditional IRA. (however, the same $7000 traveled from Roth IRA to Brokerage account, and from brokerage account to Traditional IRA)
I've read many articles, but still do not know what to do.
It would be greatly appreciated if you could advise on what forms I need to file. Thank you.
