TY
Now last question: when I take the $7000 out, will that be counted then as income:
So in other words, does the following apply to me :
Excess Contributions Withdrawn After Due Date of Return
In general, you must include all distributions (withdrawals) from your traditional IRA in your gross income. However, if the following conditions are met, you can withdraw excess contributions from your IRA and not include the amount withdrawn in your gross income.
Total contributions (other than rollover contributions) for 2022 to your IRA weren’t more than $6,000 ($7,000 if you are age 50 or older).
You didn’t take a deduction for the excess contribution being withdrawn.
The withdrawal can take place at any time, even after the due date, including extensions, for filing your tax return for the year.
Thank you very much for the help Demertz, I really appreciate it.
