Similar situation please help,
Just got done doing my taxes and realize I've exceeded my IRA contributions for 2019. I made the full limit deposit in January 2019. To make it more challenging, unknowingly I deposited again the full 2020 limit on January 2020. So, how do I calculate the Net Income and amount that I need to take out? How do I include the 2020 contribution in my calculations?
1/15/2019 $6,000 deposit.
1/29/2020 $6,000 deposit.
2019 Taxes filed 3/11/2020
Actual Excess= $1,364. Rounded to $1,500.
On my 2019 taxes I rounded up and said I will be withdrawing $1500.
Thank you,
