In the process of filing my taxes and unfortunately didn't notice that I will be hitting the AGI limit with the IRA contribution to my wife's account and it isn't deductible. Had contributed $6000 to my wife's IRA account end of December 2022. Traditional IRA account currently still holds cash balance of more than $6000 i.e the contributed amount is technically not invested. Can the $6000 contribution without penalty from the account ? Or is it too much of hassle that I am better off leaving it in the IRA and file it as nondeductible IRA's form 8606. Any advice will be appreciated.
