I realized I have overcontributted to my traditional IRA account - I've contributed $7500 in 2023 for 2023 and $1000 in 2024 for 2023 while the limit is $6500. What makes it worse is that I've already converted all the contributions to Roth IRA and there's no fund in my traditional IRA account.
I know I have to take the excess amount and any earnings out to avoid penalty. But should I directly take them out from my Roth IRA account? Or should I convert the excess amount + earnings from Roth IRA back to traditional IRA, then take the amount our from the traditional IRA account? How should I report such transactions on turbotax?
Thanks so much for the help in advance!
