I have always used TurboTax's online platform instead of the CD/downloadable version, and I am not eligible to contribute to a Roth IRA. This year, I initially funded my Roth account, but just last week I recharacterized my 6.5k contribution to my Traditional IRA (phew).
Should I initiate a return of my excess IRA contributions immediately [1], or would it be better to wait until the online version of TurboTax becomes available next month? Additionally, I want to confirm that the penalty for excess contributions is 6%, since I do not qualify for Roth IRAs. And will I also be subject any tax on the excess amount contributed?
Thank you all for giving me clarify to what I'm looking at.
[1] https://www.fidelity.com/retirement-ira/excess-ira-contributions
