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I have both Roth IRA's for my wife and myself some 10 years ago. Apparently we have choosen the wrong mutual funds (Bnak of america MARSICO fund Family) which was suggested to us by the banks pesonal finance representative. As nothing happened in 11 year. I guess only the bank or the fund made some money.

Now I am having a job situation and I need the money. How can I get my money back

Thanks

2007-10-04 04:17:20 · 4 answers · asked by MattsMinivan 1 in Business & Finance Personal Finance

4 answers

You can pull Roth IRA principle contributions back tax and penalty free if they are older than 5 years. This is only your contributions, and not any gains from appreciation, dividends or interest.

That being said, I don't recommend it... It should be your very last option. If the mutual funds are under performing.... You can roll the amounts over to another Roth IRA in any financial instiution, like Etrade... Where you can choose from 1,000's of mutual funds or stocks.

Check the site below, it will give you all the information you need to know about Roth distributions.

2007-10-04 05:48:03 · answer #1 · answered by Anonymous · 0 0

Contact the bank and ask them to sell the fund(s) and distribute the as much from the account as you need.

Since contributions to a Roth are made with after tax money, the amount of your contributions to the Roth IRA will not be taxable And, in case you do not take a complete distribution of the account, the contributions are considered to be the first amounts distributed.

Unless the distribution meets the IRS definition of being "qualified", you will owe tax and probably a 10% penalty on the earnings portion of the distributed amount. You can read up on Roth distributions in IRS Publication 590:

2007-10-04 04:55:32 · answer #2 · answered by Anonymous · 0 1

You can withdraw from a Roth IRA but you will pay a substantial penalty. There will be taxes as well unless you fit one of the following categories:
1) You are of retirement age
2) You are using the money for the purchase of a primary residence
3) You are using the money for health care
4) You are using the money for education

You would only need to contact you bank and tell them you would like to withdraw from the account. Just be aware that this may have big tax implications come April.

2007-10-04 04:33:54 · answer #3 · answered by Jay P 7 · 0 1

If I understand the rules, you can withdraw the money that you invested after 5 years with no penalties. You cannot withdraw the interest or growth.

So if you invested $4k and now it's worth $6K, you can get your $4k out.

http://www.fool.com/money/allaboutiras/allaboutiras06.htm might help a bit more.

2007-10-04 04:53:44 · answer #4 · answered by Anonymous · 1 1

fedest.com, questions and answers