I contributed $4530 in 2022 to my Roth IRA. While doing my taxes, I discovered I was ineligible to contribute and have since removed the entire contribution. I did not have any earnings. I reported the excess contribution and subsequent removal, however while reviewing my forms before filing, the 5329 is showing that I am being taxed 6% on the contribution amount even though I have removed it. I have not filed my taxes yet. Why am I being taxed if I removed the contribution before the filing deadline? Thank you.
