I took out $550K for a business venture and found I did not need it all so I returned $200K into my IRA before the 60 day rule. Now I'm showing traditional excess contributions of $192,000 and it says to avoid a penalty I can withdraw these excess contributions before the due date of the return. Other option is if I had withdrawn all or some of these contributions to enter that amount. I don't understand what these excesses are or what to do to avoid a penalty and I don't want to take out more money.
