I have made a $6,000 contribution to a self-directed Roth IRA. This contribution is for 2022. It is over the yearly limit (I had previously made a $6,000 contribution via a backdoor IRA to a separate IRA account). I will also be phased out completely for 2022 based on income.
There is currently a small gain on the contribution.
This is my first contribution to this specific Roth IRA.
What is the penalty for both overcontributing and contributing when phased out?
How can the penalty be avoided?
