Here is my situation and any insights is helpful.
My wife and I filed 2021 tax returns and realized that we are not eligible to contribute to IRA accounts. However, prior to this realization we contributed 6K to my wife's traditional IRA account and 6K to my roth IRA account. As soon as realized we submitted return of excess from our brokerages.
my wife's traditional IRA Return of excess 1099R was issued in 2022 - which has gross distribution of $5797.59 in Box 1. We contributed 6K originally. How do we report this? i showed 1099R in 2022 returns however, do i need to amend 2021 tax returns?
For my roth IRA, i contributed 6k submitted ROE, received 1099R. Box 1 shows 6626.86 and Box 2a shows $626.86. How do i report this to IRS? I showed 1099R in 2022 returns, but do i need to report or amend 2021 tax returns?
Please advise, how do I handle this?
