funded incorrect IRA

I accidentally funded my traditional IRA as well as my Roth IRA, rather than my spouse's. I am not eligible ,since I had no income. Now what do I do?

posted

You would need to withdrawal the funds from the over funded account as well as the earnings. You will need to get a Return of Excess Contribution form from the custodian of the account.

The earnings (if any) may be subject to a 10% penalty for early withdrawal.

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I live in VA. I have a 529 plan and withdrew funds to help with my daughter's private HS. Now Turbo Tax is saying I need to contribute that to a Roth IRA. Wrong?

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funded incorrect IRA