Ok, Here is my question Follow this:
back around two years ago, I CONVERTED my traditonal self-directed IRA to a ROTH IRA. I initially started with about 23,000 or so when I did the conversion. I have been adding money for the past 2 roughly years. NOW, I want to take that money from the ROTH IRA and place it into a regular savings type account such as my online savings account (Emigrant to be precise) for the purchase of a first home. I know that I can get to 10,000 of it with no problems, but I want to be able to get at all of it.
My rationale is this: I ALREADY PAID TAXES ON THIS WHEN IT WAS CONVERTED, WHY DO I HAVE TO PAY AGAIN?....or do I? now the money I have gained since I converted..ok..I can understand I may have to pay money on that...(I can leave some of it in there)..
BUT SHOULD I NOT BE ABLE TO GET AT MOST OF IT WITHOUT ANY TAX OR PENALTY ISSUES?.....sorry for the caps...HELP!!!
2007-02-12 11:27:24 · 2 answers · asked by Pierre Morris 1 in Business & Finance ➔ Personal Finance
Discuss it with somebody at the institution where your IRA account is.
2007-02-12 11:35:26 · answer #1 · answered by Richard H 7 · 0⤊ 0⤋
About half way down the page on the below web site, they say wait 5 years after you first converted from a traditional IRA or else penalties apply.
2007-02-12 20:00:58 · answer #2 · answered by gosh137 6 · 0⤊ 0⤋