I deposited $6,000 into my Vanguard Roth IRA in early 2019. I also got married in late 2019 and when we filed taxes for 2019, we realized that our joint income was too high. When we realized that my Roth IRA contribution was not allowable, we withdrew $6500 (the $500 being the estimated interest generated from the original Roth contribution). I believe we did not report the Roth IRA contribution on our 2019 taxes. If I understand there is a penalty for my Roth IRA mistake. Can anyone indicate how I take this into account for my 2020 contributions?
Thank you!
