Hello,
In 2018 I made a $5500 contribution to my Roth IRA in the beginning of the year. After that I had holdings in the account that went up. So my account grew in 2018. I didn't realize my AGI was over the max until the end of the year making the $5500 over the minimum which would have been $0.
From what I understand I would just pay a penalty on the $5500 over contribution from 2018 to 2019 correct?
Some people are saying I need to calculate the earnings/interest from the holdings I have but others are saying just the $5500 is penalized.
I have made no contribution in 2019 and don't plan to.
I have not taken out the excess or any of the earnings in the Roth.
What is the scenario I am facing?
Thanks
