Hello all of you,
I just closed a Traditional IRA and moved the assets to a Roth IRA at E-Trade. I knew that I'd have to pay the amount of the transfter as additional income.
But I performed the transfer into the Roth account without first learning the rules, and since my adjusted income is too high, I am not supposed to be able to convert to a Roth. Can anyone advice what the penalty is, and what action I can take to minimize the penalty?
Thanks!

The money will be considered to be an early distribution rather than a roll-over. It will be subject to income tax at your marginal tax rate plus a 10% penalty.