Investors & landlords

You can work off your "excess" by ensuring that your Contribution next year is less than the max allowable,
particularly by the amount of your excess. Then your penalty situation will be resolved, using Form 5329.
if you are eligible next year to contribute 6000, or (some amount) you can apply that amount to resolving your excess and you don't have to take the 6000 out. see Form 5329.