I filed my 2019 Tax Return in April 2020, took $7000 IRA allowed deduction since I am 63. In August, I found out I made $6500 excess 2019 contribution to traditional IRA in Feb 28 this year. My plan is to withdraw the $6,500 excess, there won't be earnings because I will forefeit the interest to withdraw it before maturity plus penalty from the bank. I expect the bank will report 1099-R to the IRS for the same year reversal of my 2019 IRA contribution. In sum, (1) is this the right way to correct my unintentional excess contribution? (2) I assume I don't need to file an amended return by Oct 15 because there is no earnings involved? Please advise, appreciated your insight.
