Archive for the ‘IRA Withdrawal Rules’ Category
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Rules For Withdrawing Ira
July 25th, 2010
Question: What are the rules for withdrawing contributions from a Roth IRA?
Is the only restriction that you can only withdraw contributions after the roth account has been open five years, or are there additional restrictions? For example, if my account has been open 10 years, can I withdraw contributions made 2 years ago?
Answer: It looks like you can withdraw contributions from RothIRA penalty and tax free any time, without waiting for 5 years. The IRS article about RothIRA doesn’t mention much about penalties, and both Fidelity and Vanguard state that “Roth IRA contributions can always be withdrawn at any time without penalty” (from the Fidelity site). The penalty and the 5-year rule only apply to withdrawing earnings. And by the way wherever the 5-year period is mentioned, it’s clear it’s referring to the age of the account, not of the money being withdrawn.
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