topic Roth IRA and no income in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/roth-ira-and-no-income/01/1283180#M93507 <P>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?</P><P>&nbsp;</P><P>Thanks&nbsp;</P> Fri, 06 Mar 2020 19:16:39 GMT WM-100 2020-03-06T19:16:39Z Roth IRA and no income https://ttlc.intuit.com/community/retirement/discussion/roth-ira-and-no-income/01/1283180#M93507 <P>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?</P><P>&nbsp;</P><P>Thanks&nbsp;</P> Fri, 06 Mar 2020 19:16:39 GMT https://ttlc.intuit.com/community/retirement/discussion/roth-ira-and-no-income/01/1283180#M93507 WM-100 2020-03-06T19:16:39Z Re: Roth IRA and no income https://ttlc.intuit.com/community/retirement/discussion/re-roth-ira-and-no-income/01/1283355#M93512 <P>Without earned income, you also cannot contribute to a Traditional IRA.&nbsp; However, you can remove the contribution from your Roth IRA.</P> <P>&nbsp;</P> <P>Ask your financial institution to distribute it as a "withdrawal of excess contribution".&nbsp; You will then report that withdrawal on your 2020 tax return, assuming you make that withdrawal now.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P> Fri, 06 Mar 2020 19:46:50 GMT https://ttlc.intuit.com/community/retirement/discussion/re-roth-ira-and-no-income/01/1283355#M93512 SusanY1 2020-03-06T19:46:50Z
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topic Roth IRA and no income in Retirement tax questions
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<P>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?</P><P>&nbsp;</P><P>Thanks&nbsp;</P>
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<P>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?</P><P>&nbsp;</P><P>Thanks&nbsp;</P>
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<P>Without earned income, you also cannot contribute to a Traditional IRA.&nbsp; However, you can remove the contribution from your Roth IRA.</P> <P>&nbsp;</P> <P>Ask your financial institution to distribute it as a "withdrawal of excess contribution".&nbsp; You will then report that withdrawal on your 2020 tax return, assuming you make that withdrawal now.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>&nbsp;</P>
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