Hello!
My husband and I each made Roth IRA contribution for 2023 before we realized that we couldn't. Thankfully, I realized this before the April 15, 2024 deadline, so I contacted my broker and withdraw the excess contribution. I made a profit of about $700, while my husband took a loss on his contribution. We both received 1099-R in 2024 for the excess contribution. My questions are as follow:
1. I entered both 1099-R in the 2024 tax, that is correct?
2. TurboTax told me that I would need to amend my 2023 tax? Is that something that I need to do? If so, do I need to enter both my husband and my 1099-R?
3. Since my husband took a loss, I'm guessing there's no additional tax and penalty on his part? Since I made a profit, this would be taxed and penalized?
Any guidance would be appreciated. Thank you!!
