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re: Question about a Roth account
Posted on 6/17/14 at 6:32 pm to kennypowers816
Posted on 6/17/14 at 6:32 pm to kennypowers816
quote:
You won't be taxed for withdrawing contributions to a Roth IRA.
Correct. Provided you take out less than you put in, it is penalty-free because you already paid taxes on it (unlike a traditional IRA). Anything above that is considered an early withdrawal with certain exceptions. I don't think a medical bill is one of them, for that you'd need an HSA which I'm guessing is not in play here.
quote:
Whether or not its a smart idea to withdraw from your retirement account, as opposed to your down-payment savings, is another question.
This also, but with today's rates as low as they are it might well be a good idea to get your mortgage ASAP. Most people's retirement depends quite a bit on their mortgage terms even though that isn't formally considered to be a "retirement" account.
Posted on 6/17/14 at 9:18 pm to foshizzle
What are the penalties if you invest in a Roth but make > 185 k / yr? Which I think is this years max
Posted on 6/17/14 at 10:22 pm to foshizzle
quote:
I don't think a medical bill is one of them
One of the exceptions per IRS.gov:
quote:
You have unreimbursed medical expenses that are more than 10% (or 7.5% if you or your spouse was born before January 2, 1949) of your adjusted gross income (defined earlier) for the year.
Posted on 6/18/14 at 5:31 am to foshizzle
I was looking into touching some Roth money as well to pay off 7.5% and higher student loans, but was told I could only take it out after 5 years. Is this a rule for Roth IRA's, or is that more likely just because I bought some type of long term fund in the Roth.
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