Recently, I reviewed my Roth IRA and Traditional IRA to make sure I maxed out everything for 2024 and 2025.
Since I was under the MAGI limit for 2024, I directly contributed $7000 to the Roth. For 2025, since I would be over the MAGI limit, I contributed $4000 into my tIRA and rolled it over, and then contributed $3000 into my tIRA, and rolled that over into my Roth as well. Seemingly no problem, eazy peazy.
The issue, though, is that when I checked my tIRA, it says Annual IRA Contributions:
I accidentally didn't check to make the $4000 a contribution for the 2025 tax year, and it defaulted to 2024! And of course, I have already filed my taxes through FreeTaxUSA and even gotten my refunds, because I didn't double-check until now (my bad, I know).
Thus, I am not sure how to go about removing the excess funds from the Roth, in addition to amending my tax return to show it was income (when I take the distrubtion to remove it) before the October deadline, that way I don't get penalized the 6% (I believe I will still take the 10% hit for the withdrawal).
Any guidance would be appreciated!
