I have two Roth issues:
In 2024, we both contributed the max for each of our Roth IRA's ($7,500 each). We now realize while doing our 2024 taxes, that our income is too high. We have pulled the money out from our financial institution (it is a little bit more than the 7,500 each; I guess it's interest earned). For the 2024 return, do we still say yes that we contributed to ROTH IRA's? Since the checks we received are more than what we originally put in, how do we deal with that for tax year 2024? What is the best coarse of action for this?
Second, my husband started a new job in October 2024. He contributed $3600 to the company Roth 401k. However, upon doing taxes, we determined that he over contributed to his 401k Roth (he had retired in Sept from a previous job, where he had already maxed out). The difficult part is that in March 2025, we rolled over that $3600 to his regular Roth IRA, because he no longer works for that company (he was only there for about a month). His W-2 from that company shows a box 12 AA contribution of $3600. We need to get a corrected W-2, but am having a hard time, since the money was rolled over in 2025. We have already received a check back from our financial institution for this roll over - but they say we won't receive any 1099R's until 2026. How do we handle this for our 2024 taxes, if we can't get a corrected W-2 in time?
Thank you very much for your assistance.
