i read this from the IRS pub 590-A:
""you may be able to apply it to a later year if the contributions for that later year are less than the maximum allowed for that year.""
so if i do not contribute in 2021 and apply this year's (2020) excess contributions to 2021, i believe i can get over the situation?
Again, as per IRS(590-A):
""
This method lets you avoid making a withdrawal. It doesn’t, however, let you avoid the 6% tax on any excess
contributions remaining at the end of a tax year
""
I'm ok paying the 6% as it amounts to 300 ( as i contributed 5100 excess).
I'm not ok giving up the gains (as of today, i know no guarantees for tomorrow) and then additional tax on that gain , if i do absolutely have to withdraw.
Thoughts??
