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Withdrawing from Roth IRA ?
Posted on 8/18/19 at 11:36 am
Posted on 8/18/19 at 11:36 am
After researching a few sites, I’m still a bit confused. It appears that we can withdraw with no penalty our contributions if IRA was established more than 5 years ago (they were). However, earnings will be taxed.
Problem is that we’ve moved accounts a few times over the past 20+ years. Not sure what all in the current balance is from contributions vs. earnings. Can’t access old/closed accounts to see the data and paper was lost between Hurricane Rita and house movings.
Suggestions?
Problem is that we’ve moved accounts a few times over the past 20+ years. Not sure what all in the current balance is from contributions vs. earnings. Can’t access old/closed accounts to see the data and paper was lost between Hurricane Rita and house movings.
Suggestions?
2
Posted on 8/18/19 at 11:42 am to purpngold
When you moved the Roth account(s) from one firm to another, the new firm would have asked for how much of the total at that time was basis/contributions and how much was earnings.
The new/newest firm should know how much of the total was basis at their start date and how much new contributions you've made since then. That new total should be your penalty-free withdrawal limit.
The new/newest firm should know how much of the total was basis at their start date and how much new contributions you've made since then. That new total should be your penalty-free withdrawal limit.
Posted on 8/18/19 at 11:48 am to purpngold
Here’s the easy answer.
Don’t do it!
Don’t do it!
Posted on 8/18/19 at 11:56 am to Huey Lewis
Lewis,
Very helpful. Thanks!
Very helpful. Thanks!
Posted on 8/18/19 at 6:05 pm to bluestem75
quote:
The 5 year rule kicks in when withdrawing earnings, but there are very specific guidelines about what you can spend the money on: medical expenses, first time buying a home, etc.
And unless im off, the limit counts for converted rollover contributions as well.
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