The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/i-have-a-need-to-consider-the-option-of-dipping-22404254.aspx

Subject:  Re: early Roth distributions Date:  4/25/2005  5:32 PM
Author:  TMFPMarti Number:  78939 of 121599

I have a need to consider the option of dipping into my Roth IRA for a business expense that wouldn't qualify as one of the allowable conditions for early withdrawal without a penalty. I remember reading somewhere that it is possible to take money out of a Roth temporarily in certain situations, provided the money was put back in within a certain time, and that the money didn't represent the actual contributions, etc. Was that information correct, and if so what are the conditions for doing this?

Download a copy of IRS Publication 590 from www.irs.gov and digest the information on rollovers and nonqualified distributions from Roth IRAs. That will give you a foundation for asking specific questions if it doesn't anwer all you have.

Phil
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us