I accidentally contributed directly to my Roth IRA instead of my Traditional IRA (over income limit) I panicked and immediately removed the excess contribution the next day.
- I received a 1099-R from vanguard with a gross distribution for 6000
- I shouldn’t have to pay a penalty on this since it was removed immediately, correct?
- On my 1099-R what should I put in box 7? N-Recharacterized IRA contribution made or P-Return of contribution made in 2020 or something else?
- Can I still do a back door roth for this year?
Thanks so much for your help!
