I overcontributed to my Roth IRA in 2016. I thought I could contribute $5500, when I could only contribute $4110, which I meant I had an excess of $1390.
In March 2017, I transferred out this amount, plus some (per the advice of a Fidelity rep), and recharacterized $1468 of my Roth IRA as a traditional IRA.
For my 2017 tax return (prepared by TurboTax), I filed an excess of $1468 as excess on my Roth IRA on form 5329, and filed form 8606 on the $1468 amount as well, as a non-deductible contribution to my traditional IRA.
In 2018, when I was completely ineligible to contribute to my Roth IRA, this $1468 amount remained on my form 5329.
2 questions:
1) How come I have an excess amount in my Roth IRA, when I recharacterized this amount as a traditional IRA?
2) How can I go about removing this excess amount, now that I am ineligible to contribute to my Roth IRA so I can't use it as a future contribution?
Thank you!
