Correcting excess Roth IRA contribution
I contributed $6,000 to a crypto Roth IRA in early 2022 that had previous funds in it. Later in the year I got a raise that made those contributions ineligible, so I need to correct the contributions and pull those funds out. The markets have been down, so there are actually losses in the account, leading to me only needing to remove ~$2434 of the original $6,000. I initiated the distribution request with the IRA company, but while the paperwork was processing, the value of the IRA has risen due to a pump in the crypto markets. Now the amount that I had calculated has changed and I would have to remove more funds. So my main question is, at what point is the amount I have to pull out frozen? Is it when I first initiated the distribution request?
