Here is my situation, any help is highly appreciated.
I finished my 2022 taxes, during the filing on TT, it showed that max my wife and I each could contribute is $3700 in Roth IRA. i completed the taxes in March'23 with the ability to contribute 3700 prior to the tax deadline of April 23.
then I logged into brokerage accounts to contribute, I realized I contributed 6k to my Roth IRA in Jan 2022 and 6K to my wife's traditional IRA in Jan'22. I followed up with brokerages to withdraw the excess $2.3k from my roth IRA, convert $3700 from my wife's traditional IRA to Roth IRA, and return $2.3k excess contribution.
There are losses in all these transactions, but the removal of excess (from mine and my wife's) and conversion from Traditional to Roth (for my wife) is completed. Now, How do i handle my taxes?
- Do i need to amend my 2022 tax returns? (I originally reported only 3.7K roth ira in my return for my spouse and I each)
- How do i handle characterization from Traditional to ROTH, and in which year's tax return? 2022 or 2023?
Any advice is highly appreciated.
