Hi guys, after review I realized that I mistakenly made an excess contribution to my Acorns Later Roth IRA account by $3,300 (this amount includes gains). According to what I've read, if I do not withdraw this excess amount I will be penalized 6% each year by the IRS. However, if I do withdraw the amount now I will pay a 10% fee along with potentially "other penalties" and income taxes on the withdrawn amount. Can anyone tell me what the "other penalties" might be for withdrawing this excess amount? Are there any exceptions to the penalties when the amount withdrawn is for a mistaken excessive contribution?
Thank you for any information.
