Mack says he thinks he has contributed too much to his Roth IRA for the year. Which of the following is true?

I. An excess contribution to a Roth IRA will results in a 6% excise tax on the excess amount.

II. If the excess amount, plus interest, is withdrawn by December 31 of the following year, the excess may be withdrawn without the excise tax penalty.

Neither I nor II

Both I and II

I only

II only