Back in 2021, I erroneously made an excess contribution to my Traditional IRA. I have just been paying the annual penalty on it.
This year however, I want to take my money out of it and close the IRA. I understand I will have to pay taxes on it. Will I have to pay extra fees or penalties for the excess contribution that I never took out?
Or, when I close the account and pay the taxes on that distribution, is the excess amount already covered in those taxes?
