I just learned that the $2000 Roth contribution I made for 1999 is invalid because of my 1999 AGI. This $2000 is now worth $3200 and is part of an account at a mutual fund that also holds my 1998 contribution. If I remove this $3200 from the account, I know I must report the $1200 earnings as regular income. But, is there any penalty? I have read a significant amount of IRS literature on the Roth, but cannot find a specific answer to this. I called the IRS, but they do not answer Roth questions on the phone. You must give the question to their representative and wait for a Roth specialist to call you back. I have been waiting.
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