Thank you for all your help! Your explanation is very easy for me to understand. I have some more questions now.
Questions:
1) I will start by contacting my financial institution to try and correct the 2024 1099-R form. If they do not correct the earnings 2a box though, do I submit it as a substitute for my amended 2023 taxes with the $67.78 in the 2a box still so I can pay the taxes on it?
2) I am not able to contribute to 2024 rothIRA. After adding the $67.78 to my mAGI, I overcontributed by $28.41 in 2023. Should I round up to $30 to take that amount out of my roth IRA as an excess contribution for 2023? Or just ask to remove $29 by rounding up?
3) I now know I will owe 6% penalty on the $29 or 30 I remove for 2023. Since I extended my taxes to the Oct 15 deadline, if the $29 is removed by then, will I also owe 6% penalty for 2024? Will any of this effect my 2025 taxes? And should I add a form 1099-R for 2024 or wait and amend my 2024 taxes if I receive one for this new info?
4) Do I owe 10% early withdrawal fee on any of this?
5) As you stated above, I do not need to take out earnings made on the $29 since I am taking this overcontribution out after the 2023 timeframe. Is that correct?
Thank you again! You are helping me so much!
