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Question about a Roth account
Posted on 6/17/14 at 4:52 pm
Posted on 6/17/14 at 4:52 pm
Will you be penalized for taking savings out early? I'm in the process of buying a home and a decent medical bill came in and I didn't want to touch the saving for home stuff so was considering taking a few grand out of my Roth to cover this bill. TIA
1
Posted on 6/17/14 at 5:32 pm to KajunKouyon
You won't be taxed for withdrawing contributions to a Roth IRA. Also, any earnings you withdraw could be exempt if you're a first time homebuyer and/or your medical expenses qualify.
LINK
LINK
Whether or not its a smart idea to withdraw from your retirement account, as opposed to your down-payment savings, is another question.
LINK
LINK
Whether or not its a smart idea to withdraw from your retirement account, as opposed to your down-payment savings, is another question.
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