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Hi Phil,

Thank you very much for responding.

I didn't want to complicate already complicated situation in my original post, but here is the full story:

2011: $5,000 Roth contribution; all excess
2012: $5,000 Roth contribution; all excess
2013: $5,500 Roth contribution; all excess; already removed along with earnings ($585, E-Trade calculated for me)
2014: $5,500 Roth contribution

From reading Pub 590 I understood that the excess contribution(s) along with earnings have to be removed from the Roth IRA in order to stop paying 6% excise tax each year it remains there. Please let me know what will happen if I leave it there.

Thank you again for helping me out,

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