Withdrawing Excess Contributions

[Guest karlg3]

If a married couple has a Roth IRA that they've paid into for a couple of years, and they don't want to close the entire Roth IRA account...but, this year they've made excess contributions 'cause their income is too high:

1) Can one spouse take the $120 hit on one Roth IRA (maybe made a goodly sum on their IRA) and the other spouse withdraw the contribution to the other Roth IRA (their investments stunk)?

2) If the contributions are withdrawn, must the person identify those stocks/funds/earning/etc which were paid for specifically by the 2001 contribution?

Thanks, KG