Thank you for the reply. If I pay the 6% 2019 penalty ($34) on the excess contribution of $560, instead of removing the excess contribution, can I just apply the excess to 2020? By going this route it seems that I can avoid the penalty in 2020 and have a jump start on the 2020 contribution of $5,180 (the $4,620 excess contribution, which I instructed my financial institution to apply to 2020, plus the additional $560, due to my new MAGI). If I can go this route, I believe I can just address this using f5329 when filing my 2020 tax return instead of involving my financial institution, correct?
