re: Withdrawing money from Roth

Could be wrong, but pretty sure there is still a Penalty. And it's around 10%

I think exceptions are like 1st time home purchases and a few others.

quote:

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You are confusing traditional IRAs and 401ks with a Roth bro.

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Yeah, with a Roth there are additional qualifiers you need to meet for your earnings...contributions you should be good to go on withdrawals at any time:


-You have reached age 59½.
-The distribution was made to your beneficiary after your death.
-You are disabled.
-You use the distribution to pay certain qualified first-time home buyer amounts.

If you meet one of those qualifiers and the accounts been open 5 years its tax free.

If you don't meet those qualifiers you are at the least taxed at your income level.

If you don't meet any of the exceptions below (after not meeting the above qualifiers) you get taxed an additional 10%:


-You have unreimbursed medical expenses that exceed 10% of your adjusted gross income.
-You are paying medical insurance premiums after losing your job.
-The distributions are not more than your qualified higher education expenses.
-The distribution is due to an IRS levy of the qualified plan.
-The distribution is a qualified reservist distribution.
-The distribution is a qualified disaster recovery assistance distribution.
-The distribution is a qualified recovery assistance distribution.