I contributed $6000 to a traditional IRA and then rolled it over to my Roth. By the time the transaction cleared it transferred $6002. What do I need to do to correct this?
Do I transfer $3 out of the account to cover the over contribution plus earnings? It says it would be an early distribution but I’m confused because I’m transferring out of my Roth account and have a lot of principal in there and have for many years.
Ugh. This is feeling overwhelming.
You don’t have to do anything. Your contribute limit is for yiur original contribution to the traditional IRA so you are good
You will owe taxes on the $2 gain in your account for the transfer to the Roth. That will not be much.