In March 2021 I added $5000 to my traditional IRA. I intended $3500 of it to be a 2021 contribution. But later (after filing taxes) I received Form 5498 stating $5000 as a 2020 contribution. This makes me $3500 in excess contributions because of my Roth IRA. So I filed a corrected 1040 using Turbotax and have a penalty. I am going to withdraw excess from my IRA. My question is since I made the contribution in March 2021, cannot I just ask IRA company to change $3500 Excess from 2020 and keep it in the same account as a 2021 contribution, then file another corrected 1040 and use only $1500? I have created a quite a mess and will appreciate help on the best way to fix it.
DanS4
