Thank you so much for your response! I am wary of doing anything manually as I know the risk of an irreversible taxable/penalty event if I did not perform the procedure correctly.
Yes, my current situation is that I have already filed my 2024 federal and state returns and I am therefore working towards withdrawing my excess contribution before the deadline get back my credit for the 6% penalty i.e. situation number 4 as you described.
Based on your response, my decided next steps are contacting my investment bank and initiating a "withdrawal of excess contribution" and I assume that they will calculate the original contribution and all associated earnings for tax year 2024.
I see that Turbotax has an amended return option. Do I perform all the reporting steps there? When you say to report the excess to Turbotax, isn't that what I included in the original filing? So therefore, I would go to the amended return option and report that I will withdraw the excess before the deadline, and thus get credit back for the penalty?
