Hi,
I was hoping to do the back door IRA conversion but made huge mistake. I already had traditional IRA account with account balance from previous years, then contributed $7k for 2024 on 27 the December 2024, then did $7k Roth conversion on Jan 10th when i did this i didn't clearly understand backdoor rule. Is there way to move the money back without pay tax or penalty? The goal was to use backdoor for 7k to Roth without paying any taxes. What are best option?
For example: let say the traditional IRA account already $100k and contributed $7k in December 2024 contribution IRA and did Roth conversion on 10th Jan 2025.
To make matter worse, i also contributed $7k to traditional ira for 2025 in Jan 20th, 225 and did Roth conversion end of jan 2025.
What is my best option now to get around this, is there any way to avoid paying taxes?
I have not received any 1099 R as I expected year 2024 1099 r to be issued in in 2026 and i assume 2025 1099 R will be issued 2026 as both conversion for year 2024 and 2025 were done jan 2025. What do need to this year to report to IRS?
Thank You
