Hi @AmendedQuestioner
Regarding the 2022 tax return. Since you have already filed, please amend by October 15. You can still avoid paying the 6% penalty by filing the amended tax return. You still may need to pay taxes and possibly the 10% early withdrawal penalty on the earnings (if you are under the age of 59½) but you avoid the 6% penalty on the excess contribution amount.
For 2023 , since you withdrew the excess contribution before the tax deadline, you will not have to pay the IRS 6% excise penalty on the contribution, but you will still have to pay income tax on the earnings generated by the excess contribution. Again, if you are under the age of 59½, you will also have to pay the 10% early withdrawal penalty on just the earnings portion of the excess contribution.
Thank you!
