TIRA Accidentally Put in Roth Account
Every year client does a Backdoor Roth. This year, the client accidentally put his Roth account in the memo section of the check meant for the Traditional IRA, and the investment broker’s assistant deposited into a Roth account.
Client’s AGI is substantially higher than the limits allowed for a Roth contribution.
The deposit happened last week for 2021.
How do we fix?
Submitted by John Going on Thu, 2021-02-11 15:20