Yes, only $417.70 would be taxable income and subject to the 10% penalty if you are under 59 1/2 (assuming didn't make any other Roth contributions prior to 2020).
You can check Form 5329 part I for the 10% penalty calculation. The penalty should be $41.77 and then the $417.70 will also be included in your taxable income and taxed according to your tax bracket.
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