So the ineligible deposits are as follows
2019 $6k, 2020 $6k, 2021 $6k, 2022 $6k, 2023 $6.5k, 2024 $7k
2024 Eligible rollover from Roth 401k to Roth IRA 9.8k
Account Balance year end 2024 38k
Removed excess of 2024 in Jan 2025 ( $5500 and unremovable loss of $1500 calculated by custodian). Balance after this removal is 34K
should I withdraw everything out, that way all of the ineligible contributions 30.5k and partial contributions of the eligible rollover 3.5k making the balance 0
this would be non taxable event as the Roth IRA is more that 5 year old and there are no earnings only losses ? Would there be any 6% penalty since balance will be 0. This post is for my cousin btw.
