Roth IRA Excess Question

[Anonymous]

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

[Critter]

Why are you not removing the contribution & earnings ?  Why do you want to pay a penalty for each and every year the money remains in the account ? 

[Anonymous]

I was told by someone on here to wait until October 2019 to file the penalties.

But what I'm really trying to understand is what the penalty will be on.

Someone on here said I only have to pay the 6% penalty on the $5500 and not on the earnings as long as I don't contribute this year.

So just trying to understand that.

Thanks