Yes, you can remove the contribution by contacting your financial institution. Be sure to let them know you are requesting a return of an excess contribution. They will return the contribution to you along with any earnings on the contribution and next year, you will have a 1099-R that reflects this. Alternately, you can leave it in and pay the penalty but the 6% penalty is charged each year that the contribution remains in the account. If you plan to remove the contribution, you should do so immediately and then remove the entry from TurboTax as well.
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