I have similar situations for both Traditional IRA for my husband and Roth IRA for myself. Both in 2020.
Would both of these ROTH and TRAD IRAS be handled the same way as in your description?
Excess contributions of $78 plus interest $15 on Traditional IRA.
& Excess contribution of $254 plus interest $86 on Roth.
These amounts were all withdrawn prior to filing 2020 taxes, we received the 1099-Rs So I plan to amend our 2020 taxes.
Does it matter that My husband is 72- Trad IRA?
Or that I'm 58 -Roth?
AND Because I didn't learn last year we did the SAME thing for 2021.
I will withdraw the overages, and create a 1099-R...
Again is it handled the same way for Roth and Traditional IRAs..
THANKS!!
