Is There A Penalty If I Take Out Money From My Roth Ira But Only What I Put In, Not My Earnings?
March 1st, 2010 | by Frenday |I think I might have to take some money out of my Roth IRA because of a large tax bill. If I only take out what I’ve contributed, how much will I be taxed? For example, I’ve contributed over 20k of my own money but might need 5k. How much tax will I pay on that 5k?
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2 Responses to “Is There A Penalty If I Take Out Money From My Roth Ira But Only What I Put In, Not My Earnings?”
By MikeeyMa on Mar 1, 2010 | Reply
There is no penalty if it has been 5 years since the contribution. But it is your contribution amount only… Not appreciation.
Read the link… It will answer all of your questions.
By the tax lady on Mar 1, 2010 | Reply
How did the money get in there?
Regular contributions? No tax/penalty unless you take out earnings.
IRA rollover? Less than 5 years ago? 10% penalty applies to IRA rollover money too.