Ira Rules Of Withdrawals
February 15th, 2006
Question: Roth IRA Withdrawal Question:?
Here’s the question: In 2007 I put $4000.00 of my own saved money in a Roth IRA through Fidelity. In 2008, I put the other $5000.00 in the Roth for a total of $9000.00 As of today the total Roth is worth $9241.00. I would like to take the $9000.00 out and leave the $241.00 Earning alone. The big question is,WILL I BE PENALIZED FOR TAKING THE $9000.00 OUT AND PAY THE 10% PENALTY FOR THE UNDER 59 1/2 RULE OR I’M OK SINCE I ONLY TOOK WHAT I CONTRIBUTED?
This money wasn’t from the employer, but a personal savings acct.
Answer: There is no penalty or tax for withdrawal of contributions only.
http://www.smartmoney.com/personal-finance/retirement/tapping-your-IRA-penalty-free-7958/
What can a Roth IRA do for you? – Vanguard
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