Hello,
We are married filing jointly and each of us contributed to a Roth IRA for Tax Year 2024 in excess. We are permitted to contribute to a Roth, but are limited to below the maximum based on our income. We have requested extensions for Tax Year 2024, and so are doing a timely withdrawal to avoid the penalties. We understand any growth on the contributions are subject to income tax for 2024.
We initiated returns of excess contributions (plus the earnings from the contributions). When we input those values into Turbo tax now, it says we still have excess contributions. I imagine if we go to withdraw this new excess from our IRAs, then we will have growth on top of that, which will in turn add to our taxable income.
What is the solution for this?
