I have and roth ira account at schwab for five year now? I was wondering can I take some of the money and transer into a regular schwab account without paying any taxes or penalities?
2007-03-20 15:41:55 · 3 answers · asked by sb0983 1 in Business & Finance ➔ Personal Finance
Why would you want to do that? If it is in a Roth, you don't pay tax on the earnings. In your regular account all earnings are taxable.
The answer depends upon your age and the various things you might elect to do with the money. See a professional. Don't listen to a broker.
2007-03-20 15:54:57 · answer #1 · answered by lcmcpa 7 · 1⤊ 1⤋
The original principal can ALWAYS be taken from a Roth. The earnings are restricted - you need to reach a certain age or have a qualifying hardship.
But like the other guy said, why? It does more for you in a Roth. That is the best retirement savings vehicle there is; take advantage of it. (leave your money in it)
2007-03-20 17:02:15 · answer #2 · answered by Jim S 5 · 1⤊ 1⤋
Yes, you can withdraw your CONTRIBUTION money from IRA any time with no penalty and no tax!
ROTH IRA = Contribution + Earnings.
If you withdraw EARNINGS, then you have to pay penalty & tax on it.
Gem of ROTH IRA:
Contribution money in roth IRA acts as a liquid money in account.
2007-03-23 08:36:32 · answer #3 · answered by www.TheUseFulInfo.com 2 · 1⤊ 0⤋