@Opus 17, @dmertz -- Thanks so much for the responses.
The Roth conversion was done in March, and there would definitely be a loss if the excess contribution was returned, so there won't be any additional tax involved, correct?
Optional Step 1a is irrelevant to me (no more work), but thanks for laying it out.
Optional Step 2 is what I would do, if I do it. All the money is with Vanguard
If I understand it, doing the excess contribution step is fairly easy. I would then do a new rollover with the $50,000 and I would basically be in the same place tax wise, except now I have the RMD and Roth conversion in the correct calendar order. I don't think this will have much of a financial impact, correct? If I do this, will I have to fill out form 5329?
One concern is if Vanguard will process this correctly and the correct 1099-R form will be generated. From this conversation, it sounds like the 1099-R form would be almost the some if I didn't do this, correct?
Regardless, whether I did or didn't process the excess contribution, I am making a good faith effort to correct it which seems to be the standard for any waiver of excess tax on form 5329.
