Get your taxes done using TurboTax

Correct, if you "remove excess contributions", there won't be the 6% penalty for an overcontribution.

 

If you "remove excess contributions", the amount of the original contribution will not be taxed or penalized.

 

If that contribution had earned anything, those earnings are subject to tax and usually a 10% penalty.  But only on the earnings, not on the amount of the original contribution.