I contributed $6000 to my traditional IRA in 2019 for tax year 2019. Later that year I sold my rental home for a profit and therefore made me ineligible to contribute to a traditional IRA. In October 2019 I told my financial adviser to recharacterize the contribution to a ROTH IRA. They lost the paperwork and I had to resubmit the paperwork in February 2020. In April 2020 I did my 2019 taxes and did it as the amount was recharacterized. In 2021 I get a 2020 Form 1099-R with Box 1 as $7857, Box 2 as $1857, Box 7 as P and IRA/SEP/SIMPLE box is checked. I called my financial advisor questioning why box 7 is P. Turns out he submitted the wrong paperwork. He submitted return excess contribution rather than recharacterizing contribution and now it is to late to correct this. Now I am at a loss on how to correct this.
