How do I fix an excess contribution to ROTH IRA for my spouse?
In 2022 my wife contributed $7,000 to a ROTH IRA, but she only earned $6,000. How do I fix that?
In 2022 my wife contributed $7,000 to a ROTH IRA, but she only earned $6,000. How do I fix that?
Did you file Married Filing Jointly and you had more than $6,000 of compensation? If so, and the total IRA contributions between you and your spouse did not exceed the total compensation between the two of you, the contribution is a permissible spousal contribution (subject to the MAGI limitations on the eligibility to make a Roth IRA contribution).
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