What tax year was the contribution for - 2020 or 2021?
If 2021 you have until the filing date of your 2021 tax return to either remove the excess as a "return of contribution" or recharactorize it as a Traditional IRA contribution. Either way both the contribution or any earnings must be returned or recharactorized.
If you leave it in the IRA then after the due date it will have a 6% penalty that repeats each year until the excess is removed, but not the earnings. Some people just leave the excess in the IRA and pay the 6% each year if it is earning much more than 6%.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
