IRA was opened from money earned at a job and taxes were paid on it. I realized I had made a mistake and wanted a Roth IRA so I just opened a Roth IRA and moved the money. This happened in a week's time frame. On my tax return I did not realize this was a "rollover" so I did not fill out any forms.
Now the IRS says I have to pay taxes and penalty. This was a mistake on my part of what kind of retirement account to open. I am 28yrs old and never had experience at this.
Is there any way to fix this without paying taxes and a penalty? Any help appreciated.
Now the IRS says I have to pay taxes and penalty. This was a mistake on my part of what kind of retirement account to open. I am 28yrs old and never had experience at this.
Is there any way to fix this without paying taxes and a penalty? Any help appreciated.