I think I messed up. Last year I only had unemployment income. I transferred $6,000 from my savings to my Roth IRA account without thinking about the earned income. Now what? Can I transferred out, back into savings, a traditional IRA or what?
Thanks
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Without earned income, you also cannot contribute to a Traditional IRA. However, you can remove the contribution from your Roth IRA.
Ask your financial institution to distribute it as a "withdrawal of excess contribution". You will then report that withdrawal on your 2020 tax return, assuming you make that withdrawal now.
Without earned income, you also cannot contribute to a Traditional IRA. However, you can remove the contribution from your Roth IRA.
Ask your financial institution to distribute it as a "withdrawal of excess contribution". You will then report that withdrawal on your 2020 tax return, assuming you make that withdrawal now.
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