In 2023 I had excess contribution of $5777.66. So I rolled over to 2024 Roth IRA. Now in 2024 the tax Software tells me that I cannot contribute any funds to ROTH IRA due to high MAGI. If I move this excess to traditional IRA, do I have to pay penalty of 10% i.e., about $577.66. Is this a good move or should I move excess contribution to 2025 Roth ira and hope that I can contribute in 2025 to Roth ira.
