@Wonderer1
your excess cannot grow.
If you put in $1,000 too much, your penalty is $60.
Important: If you wait until the tax filing date with extension for year of contribution has gone by,
you do not have to remove the earnings on your investment.
If you are eligible for a Roth next year, you can contribute $1,000 less than otherwise,
and that resolves your excess.
If you are not eligible, you can pay another $60 next year.
OR, you can take a distribution of $1,000 to resolve the excess. Any earnings remain in the account.
This is the way to do it when your Roth is increasing in value.
