You mentioned "excess Roth IRA contribution", does this mean though the contribution was first made to traditional IRA account, but since it's converted to Roth IRA, now I should consider all the contribution as Roth IRA contribution?
If the brokerage helped me to take out $2000 + earnings from the contribution I made in 2023, then when I do my 2023 return, can I just file as if I didn't make the excess contribution ($5500 contributed in 2023 for 2023 and converted to Roth IRA, $1000 contributed in 2024 for 2023)? Then I also don't need to do a 2023 amendment next year.
With regard to "nondeductible contributions", I think I have to report since I cannot deduct from these contributions. But my understanding for the penalty is that as long as I take the excess amount out before tax deadline, there won't be any penalty. Then why does Turbotax still calculate the penalty? Is my understanding wrong?
