How do I prevent my keyboard from trying to suggest 2 sets of spelling corrections?
Shortly after asking the question I decided to do some testing, and I figured out how to fix it. I went into my keyboard settings and disabled the spelling correction feature. This disabled only the "red line with drop down" spelling correction set while the spelling correction set that was below it and built into the keyboard was still there. 

It was under Settings > General > Language &amp; keyboard > Spelling correction. From there, I disabled it, and everything was back to how I liked it.