Thank you for the speedy reply!
1. Regarding the Roth IRA rollover:
- I did receive a Form 5498 for 2022 from Broker B. It lists the amount under "Roth IRA Contributions" (line 10), indicating it was recorded as a regular contribution, not a rollover.
2. About the non-allowable contributions:
- My son made contributions in the years he didn't have sufficient earned income, making them non-allowable.
- I spoke with a representative over the phone at Broker A, and they suggested that working with a tax professional to communicate with the IRS might help mitigate or minimize any penalties. Do you think this approach could be effective or is he doomed to pay the penalties?
I appreciate your help 🙂
