We contributed $5,500 to a Roth IRA in 2021. Our 2021 income exceeded the allowable limit for contributing to a Roth IRA.
We withdrew the $5,500 contribution AND the earnings on that contribution in 2022.
Do we owe any taxes on either the earnings or contribution?
Do we need to pay a penalty for early withdrawal of either of these amounts?
We have not received the 1099 yet (nor do I expect to before filing deadline).
Thank you!
