Because of my AGI, I became ineligible to contribute to my Roth IRA in 2021. I contributed $2,600 last year, but have also contributed $700 this year, and unless the market totally crashes, I probably won't be able to contribute in 2022 because my AIG will likely be over the limit this year too. So, two questions.
1) When I withdraw/recover the $2600 contributed in 2021 can I go ahead and withdraw/recover the $700 from this year too plus the earnings and include the penalty for the early withdrawal of the earnings? Or should I just withdraw/recover the excess from last year and deal with the contributions made this year later?
2) Do I need to notify the institution where my IRA is that I need to return the excess contributions, or can I just transfer them (and the earnings) to another account at the same institution.
Thanks in advance.
