I wanted to make a $7000 Non-Deductible Traditional IRA Contribution (For Tax Year 2021) and then Covert that Traditional IRA to a Roth IRA so that it qualifies as a Backdoor Roth IRA. However, when I was logged into my Schwab Account, I accidently moved the $7,000 from my Checking Account Directly into my Roth IRA instead of moving it to the Traditional IRA Account first. Trying to understand How to Fix this. If it cannot be fixed then what do I do when I file my 2021 Tax Returns? How do Explain this to the IRS?. Wondering if I will be assessed any penalties? Or Best case scenario is that I may still be OK. Thanks in advance.
