Last month feb 2020, I contributed 6,000 to my roth IRA for the year 2019. I live outside America and qualify for the foreign income exclusion act which made my taxable income zero. I was not aware that I could not contribute more than my income. When I was filling out my taxes It made me aware that I had made an excess contribution to the tune of 6,000. At the time, the only option turbo tax gave me to get rid of the 6% penalty was to recharacterize the contribution as a traditional IRA. I filled my taxes and left it that way. Upon doing more research I do not qualify to contribute to traditional for the same reasons ( make too little) I would rather just withdraw the excess contributions. My questions are:
https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...,
1. How do I amend my 2019 filed tax returns and change my statement that I would "recharacterize the excess contribution to a traditional IRA" to simply "withdrawing the excess contributions"
2. Are there any extra forms I would need from my brokerage firm to submit to the IRS.
3. Since the markets have tanked my contribution of 6,000 is worth considerably less than what I put in, and I do not have any earnings. Should I withdraw the exact contribution amount or calculate the loss from my contributions and withdraw my contribution minus the loss and how would I do that.
4. Does anyone see any potential redflags in my plan that I am missing.
