The excess contribution was due to our MAGI; we contributed $6000 during the year. But we are not eligible for a "recharacterization" to a traditional IRA contribution because we didn't have a traditional IRA in 2024.
My Roth IRA contact said the distribution/withdrawal to be processed in the next 11 business days, and I expect the 1099-R for it on the same timeline. I don't know whether this will count as having fixed the excess contribution prior to the deadline.
I don't know what the calculated earn/loss on the excess value is, but my guess is that the 10% tax on it represents less than $50, whereas the 6% penalty on the excess is around $180.
Basically, I don't know which number to put as my Roth IRA contribution for 2024, or whether to file an amendment regardless, or just to file an extension.
