I inadvertently pulled 4k out of my Traditional IRA when trying to rectify a contribution I was not eligible to make. I understand that, per current law, the money cannot be restored to the rIRA once"distributed".
I know it must be reported as a distribution and early distribution penalties paid (because I am not yet 59.5 years of age), drawing proportionately from all of my tIRAs. That part is clear.
My question is this: Is the 4k that was withdrawn from the tIRA and dropped in the Roth IRA considered a Roth contribution for the year?
If so, per my final numbers, I cannot contribute that much and would need to recharacterize the funds moved to the Roth.
I have searched Bogleheads and cannot find an answer yet that is specific to my situation.
Appreciate any help you can provide!
I know it must be reported as a distribution and early distribution penalties paid (because I am not yet 59.5 years of age), drawing proportionately from all of my tIRAs. That part is clear.
My question is this: Is the 4k that was withdrawn from the tIRA and dropped in the Roth IRA considered a Roth contribution for the year?
If so, per my final numbers, I cannot contribute that much and would need to recharacterize the funds moved to the Roth.
I have searched Bogleheads and cannot find an answer yet that is specific to my situation.
Appreciate any help you can provide!
Statistics: Posted by peterw — Thu Mar 21, 2024 9:30 am — Replies 0 — Views 67