I contributed 6k in 2022 to my Roth IRA and I realized that my 2022 income does not allow me to make any contributions. I used the 6k to purchase stocks and my stock value have decreased, I did not make any gains. I don’t want to sell the stocks to take out the over contribution.
What are my options?
Can I apply the excess contribution to next year? How do I do this if I already purchased stocks? Will I pay a penalty if I take this route?
How do I report this on my tax?
