Thanks for your reply. I reviewed Pub 590A and 590B but I am still don't have much clarity about earning an penalty for 2019 excess contribution. Do I have to pay penalty on my 2020 tax return if I remove excess contribution before Oct 15 2021 (2020 Tax extension deadline).
Since I am removing 2019 excess contribution(contribution was made in March 2020 for prior year) after 2019 tax deadline including extension( Oct 15 2020), do I have to remove my earnings? if not will I pay any penalty/taxes in future for this earnings?
some experts here have mentioned that take a regular distribution without telling custodian(fidelity) about excess contribution. I am not sure I understand this approach clearly? Fidelity has form to return excess contribution, Can I not use it?
