No, You cannot undo what was already done and reverse it. A return of excess contribution distribution is not eligible for a rollover since it should not have been in the IRA in the first place and I am sure it is beyond the 60 day window for a rollover anyway.
Some people elect not to withdraw the excess plus earnings as a "Return of contribution" that produces a 1099-R with a code P on box 7, but rather just remove the excess and not the earnings with a regular distribution with a code J in box 7. That is not taxable but will produce a 6% penalty on the excess amount but the earnings can stay in the IRA. If the gain on the earnings is enough, it can pay to just pay the 6% and keep the earnings in the account.
And it does not need to be after Oct 15 - nothing compels you to take a "return of contribution" plus earnings distribution and not a regular distribution at any time.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
