After going a little further, this is the exact reason why they are adding a tax, upon $1000 excess contribution for me and $2500 excess contribution for my wife. I have 3 options to correct this including: withdraw excess contribution OR change IRA contribution to traditional (which may look to be the better option)
What is the best way to handle the situation, and what do I have to do in my TurboTax after this decision? Thank you!
