Hi,
I have a bit of a complex situation. I have two IRAs - a traditional and a roth. I cannot contribute directly to the roth as I exceed the income limits. So I contribute my $6000 max to the traditional and then I do a conversion to the Roth, i.e. the back-door method.
In September I made a mistake and accidentally contributed $1000 directly to the Roth. When I realized this I did a return of excess contribution with my financial institution (T. Rowe). I got the money back but took a bit of a loss. I got about ~$980.
So since in my view I should still have $1000 to contribute (I contributed $6000 and returned $1000). Is this allowed? I tried to do this on T.Rowe but they website will not allow me to initiate a transition because they're saying I hit my contribution limit. They don't appear to be recognizing I did an excess contribution return.
TIA for any advice.
