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re: Question about early Roth distributions
Posted on 5/11/13 at 4:12 pm to Siderophore
Posted on 5/11/13 at 4:12 pm to Siderophore
quote:
You can even over contribute as long as you pull out the excess of 5500 before April 15
What about the earnings? Seems to good to be true.
2
Posted on 5/11/13 at 4:31 pm to TigerDeBaiter
quote:
You can even withdraw earnings made on this year's contributions penalty free, but I wouldn't advise it. Not going to be much compared to the risk of paperwork headache with the IRS.
Why does it sound too good to be true?
It's just treated the same as a taxable account, with earnings taxed as short term capital gains rate (as you've held it for less than a year)
Posted on 5/12/13 at 9:22 pm to TigerDeBaiter
quote:
What about the earnings? Seems to good to be true.
You can pull out any amount up to what you *contributed* at any time without penalty because you already paid taxes on it.
Pulling out anything more than that (e.g. earnings on contributions) is another matter.
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