I have existing Traditional IRA and Roth IRA accounts. While doing my 2020 taxes I just realized my broker put my $7000 2019 Roth IRA contribution into my regular IRA account instead of my Roth IRA. I had a maxed out 401K so I wasn't eligible to contribute to the traditional IRA (although my company 401k failed the ADP/ACP test and I later got back more than I could have contributed to the traditional IRA but it shows up as 2020 income now, smh). SO what do I do now?
1. I already reported the $7000 as Roth and paid taxes on it in 2019, so can I transfer the 7000 to a Roth without doing extra paperwork? (Im fine losing the tax advantages for the investment income for one year on it just to avoid the headaches of IRS red tape but I don't want to leave it there forever and lose all the tax advantages of the Roth). Should be this easy but it's the government so I know it's not.
2. Since I got over 7000k back from my 401k I really could have put it in the traditional IRA (if they had refunded it in 2019 instead of 2020).. so it's kind of a wash? I imagine this isn't an option although it really should be.
3. Something else? What forms? amend 2019? etc
