The simplest way to deal with this problem is to recharacterize your excess contributions as conventional IRA contributions. That gives you effectively two accounts--a Roth and an IRA at the same custodian. But this is standard procedure. Contact your custodian for the account. They should be able to tell you how.Yes, you can reverse the contributions, withdraw funds and then deal with capital gains, but this will probably require the assistance of your tax man again. That is the hard way. Recharacterizing the excess contributions is staight forward and less paperwork.
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