I understand I'm going to pay the penalty, either way, but is it possible to re-characterize the excess into a traditional IRA? Also, I, unfortunately, haven't been tracking my IRA via Turbotax, so, I know I'll have to amend and re-file my 2015 form, but do I need to do the same for the 2016 form? It sounds like, as along as I remove the funds by Oct 18th, I should be okay on that front. You mention removing the excess as a normal distribution -- I'm assuming you mean withdraw from the IRA account? Or does it mean something different?
