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Contribution Withdrawal from Roth IRA - Question
Posted on 6/10/16 at 11:01 am
Posted on 6/10/16 at 11:01 am
I want to pull some money out of a Roth IRA I have set up that will be less than the total amount contributed. I called vanguard and they said it's as easy as giving them the OK and they'll send the money. He said the burden is on me to prove to the IRS that i withdrew less than i've contributed using various tax forms available from their website showing my contributions and withdrawals. is it that simple or is there a catch somewhere that i might not be seeing? i don't want to put myself in a bind with extra taxes and penalties.
Posted on 6/10/16 at 12:07 pm to poochie
I did it this past year and it was that easy. I never even had to speak with someone at Vanguard. I did it online and had the check sitting in my mail box a few days later. When you do your taxes for the year, just make sure you fill out the forms correctly.
Posted on 6/10/16 at 12:07 pm to poochie
Curious about this as well as I use my Roth as an "Emergency Fund". Although I haven't had to tap into it yet, I'm wondering what steps to take.
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