Hi,
I have stocks that I sold last year which I've originally thought of as my IRA investment until I received a form 1099-B for it this year. Having the mind set then that it was an IRA money, I rolled it into my bank which I opened an IRA account for it specifically.
My question is what do I need to do to reconcile this money without getting penalized with tax multiple times? To be clear, I'm going to pay tax for the gain I made, but I also get taxed for putting the same money into an IRA account, is this normal? I mean I've already paid capital gains tax, so what is the best course for me to take without getting a double whammy on tax? Do I have a way out?
Thanks for any help you can share.
