Thanks for the thorough advice.
If I plan to pay the tax on excess contribution in 2022 and leave the excess in there until say 2055. Will I pay the tax 2nd time only on the excess amount I put in or also on the earnings on this excess amount from 2022 through 2055? Right now the excess contribution is a couple of hundred dollars. But, if I have to pay taxes on the actual amount + earnings then not sure if the earnings will be a lot more after 33 years!
Any insight into this?
Thanks,
