I completed an Indirect Rollover from a 401(k) to a Traditional IRA. I was later told by the IRS that I missed the 60-day deadline, and I received a statement of what I needed to pay.
Now that I have paid everything:
1) What do I do about the IRA I already opened? Does it need to be "corrected" or converted to a Roth IRA or some other type of account?
2) When I take money from the account in the future, how do I file it on my taxes to make sure I only pay taxes on the gains?
I'm so confused...
Thanks!
