Any U.S. tax experts out there?
I discovered that I made an excess contribution made to my Roth IRA. I had my mutual fund company roll the excess plus the earnings into my 2011 Roth IRA contributions.
Since I did not take the earnings do I still need to pay the penalty and pay taxes on the earnings for 2010? I can't seem to get a clear answer on various searches I have done.
BTW I am 51 years old so I am under the 59.5 mark.