I contributed to a roth in 2024 in error and to an IRA early in 2025. I found out I made a mistake after my 2025 contribution and I did not qualify to make that contribution as I only have unearned income ( capital gains ) for both years. I was penalized for the 2024 roth error and I paid it and it's all over with. I'm going to withdraw the excess in 2025 because I could not in 2024. This way they won't keep penalizing me every year it correct ?
Also, the amount I contributed ( $7000 ) , to regular IRA early this year, I withdrew it after a few months . Will I have to pay the 10% penalty for withdrawing ? How about the taxes ? Do I get the 7K added to my income and then take a 7K ira deduction to cancel out that portion of the taxes? Or.... do I screwed and just have it added to my income and no deduction ? Sorry my question is so complicated.
Thanks
