Somebody told me that inheritances are not taxable. I inherited a Traditional IRA, but somebody else said to me that it is taxable. Anybody has the answer? And if it is true,then why is that?

I contributed $6000 to a Roth IRA in 2006, which caused an excess of $2000. It is now after the tax-filing deadline with extension. I know that there is a 6% excise tax penalty already. My question is: Are there any taxes if I withdraw the $2000? And would the early distribution penalty 10% apply since I am under 59 1/2?

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