Roth IRA and no income

[WM-100]

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 

[SusanY1 · Accepted solution]

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.