I made an ineligible contribution amount of $898.70 to my 2019 Roth IRA, and I learned that I can apply this excess contribution to a later year. As I already contributed the full amount to my 2020, 2021, 2022, and 2023 Roth IRA, I was thinking about applying the excess amount to 2024, or 2023 (if I withdraw some money from my 2023 contribution before 4/15/2024).
Upon contacting the brokage company of my Roth IRA, I was told that their system doesn't support applying the excess contribution from a previous year to a later year. Therefore, should I wait and apply this excess amount to my 2024 Roth IRA contribution instead? If so, how can I apply the excessive contribution from 2019 to 2024 without the involvement of the brokage company?
If I do need to withdraw the excess amount of $898.70 before 4/15/2024, do I also remove the earnings/losses occurred since 2019, or 2023?
Lastly, will I still be subject to the 6% penalty each year, if I am able to apply the excessive Roth IRA contribution from 2019 to 2023 or 2024?
Thanks!
