Thanks so much for your prompt and helpful reply.
One last quest for complete clarity.
I over contributed to the IRA by 4700$ and I should withdraw the excess contribution and any income it has earned to avoid the 6% excise tax. I realize I may owe federal income tax on the earnings and state taxes may also apply. Also, since I was funding both a traditional and Roth IRA, the IRS requires that I remove excess contributions from the Roth IRA first.
Do I need a corrected W2 or will I need other documentation from the withdrawal?
Thanks again for all your help.
