my confusion is related to when I amend 2023 return"
When did you e-File your 2023 tax return ? See a),b) above for the rule to take advantage of the Oct Deadline.
You are confused.
Oct is not the deadline to amend. It is the deadline to remove the excess plus earnings.
If you did not file by Tax day, and you don't have an extension, you missed the opportunity, and you cannot remove earnings on a 2023 excess. That would be bad.
If you did file 1040 by Tax Day, and you removed earnings after Tax Day, file an amended return with “Filed pursuant to section 301.9100-2” written at the top. (See Note: IRS Pub 590-A Page 30.)
The 6% penalty applies to case 2 only
"my gains on the 2023 contributions removed are offset by my carry over losses."
You are confused. There is no way to offset positive earning allocable to excess removal, you must report as 2023 income.
"would it make sense to wait for 1099-R (with P designations)"
if A) you already reported allocable earnings, or B) the earnings are negative, the 1099-R code P ordinarily would go in the circular file.
HOWEVER, if 1099-R shows federal withholding, it must be reported and attached to the 1040-X to get your tax withheld back.
If you amend now , the withholding you report would be greater than the total currently seen by IRS. That would probably cause IRS to refuse to refund that withholding.
@msv1
