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Greetings, Joeprince, and welcome. You wrote:

<<I recently discovered that my contribution to the Roth was well over the allowable (The Motley Fool's Investment Tax Guide 2000). For the past 3 years, I have annually contributed $2000.00. My wife and I have been filing separate returns, therefore, I have excessively contributed $6000.00. My wife's accountant states that if I withdraw my account, I will have to pay a 6% penality on the $6000.00 contributed and a 10% penality will be applied to any gains because of the early withdrawal violation. My questions are as follows?
1) Can I leave these funds in the Roth until early withdrawal will not be a factor (say 8 years), thereby avoiding the 10% penality to be accessed to any capital gains?
2) If indeed 1) is permissable, will I only be penalized 6% of the invested $6000.00 at the end of 8 years?
3) Can I continue to contribute to the Roth knowing full well that I will only be penalized 6% for overpayment if I allow the Roth to mature?>>

If you leave an excess contribution in an IRA, then it will be penalized 6% each and every year it remains in the IRA. Further, if you fail to pay that penalty each year, then you will face another penalty and interest for failing to pay those taxes in the year they were due. All in all, that's not a superlative way to grow your money.

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