Excess contribution to Acorns Later Roth IRA - Question

[SomeGuyOnTheWeb]

Hi guys, after review I realized that I mistakenly made an excess contribution to my Acorns Later Roth IRA account by $3,300 (this amount includes gains). According to what I've read, if I do not withdraw this excess amount I will be penalized 6% each year by the IRS. However, if I do withdraw the amount now I will pay a 10% fee along with potentially "other penalties" and income taxes on the withdrawn amount. Can anyone tell me what the "other penalties" might be for withdrawing this excess amount? Are there any exceptions to the penalties when the amount withdrawn is for a mistaken excessive contribution?

Thank you for any information. 

[Veronica222]

Moved to 202.

[Opus 17]

You are misreading the situation.

If you remove the excess contribution plus earnings before April 15, you pay regular income tax on the earnings (the earnings are taxable on your 2024 return even if they are actually removed in 2025).  You do not pay a 10% penalty for early withdrawal in this situation, and you avoid the penalty for excess contribution as well (since you removed it). 

If you do not remove the excess contribution by the deadline, you will pay a 6% penalty for excess contribution this year and every future year that the excess remains in the account.