2007-11-27 03:30:11 · 6 answers · asked by moecat 1 in Business & Finance ➔ Taxes ➔ United States
As long as a Roth account has been around for 5 or more years you can take everything out without any tax or penalty. It doesn't matter if you added to the account in the last five years it will still be non-taxable.
2007-11-27 04:58:51 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
No, it's all yours to enjoy. The only thing to think about is if you also have a regular IRA, you might want to take small amounts from that (stay under your filing requirement amount in total income) and take just what's necessary from the ROTH. Money in a ROTH can be better than a regular IRA for estate planning purposes also.
If you have a financial adviser and/or tax professional that you deal with, be sure to run any proposed transaction by them first.
2007-11-27 03:46:30 · answer #2 · answered by Knightly 2 · 1⤊ 0⤋
Everyone here is wrong. If you contributed anything within the past 5 years, you must keep the earnings from those contributions in your account. All contributions and the earnings of all but the past 5 years in contributions may be withdrawn with no penalty.
2007-11-27 04:24:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, you can take out whatever amount you want to with no penalty.
2007-11-27 03:38:51 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
yer too old to enjoy it
just give it to one of us young ppl
that was a waste saving all that cash
what r u gonna do with it now?
white water rafting? cmon'
2007-11-27 03:33:06 · answer #5 · answered by The WingHunter 5 · 0⤊ 3⤋
Nothing would be penalise. this may be taxable.
2007-11-27 03:40:32 · answer #6 · answered by graph g 2 · 0⤊ 2⤋