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Excess 401K and IRA Contributions
Good morning everyone,
A couple of questions around ROTH IRA and Traditional 401K:
1- In 2022, I over-contributed to my traditional 401K. I sent a request to my brokerage firm to remove the contribution and send me a check back. My question is , as I file my taxes in 2023, is there anything that I need to do to inform IRS that I have remove the excess contributions or will that happen in 2024?
2- As I was doing my 2023 taxes, it turns out that my wife and I were over our MAGI to contribute to a roth IRA (Even though we maxed it out in 2022). I asked the brokerage firm to remove 2022 contributions (with a special form). Is there anything that I need to do on my 2022 taxes to inform IRS that I removed my ROth IRA contributions (with earnings) in 2022.
Thank you,
Alex Mansur