The over contributed amount is 699 which is smaller than the minimum(1000) of the plan allowed to early withdrawal. Because my plan does not allow me to correct last year's contribution anymore, I hope to get a full understanding on what are my options and and what are each tax implication for it. So far I think I have the following options
1. early withdrawal $1000 with 10% penalty. How much tax would I own?
2. leave the money in the account until I leave the company. Let's say 3 years later. Do I need to pay taxes each year? what about the gains on the $699? Do I need to do bookkeeping on the $699 investment?
3. Can I contribute $699 less this year to offset the over contribution?
4. Any other options I have?
