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Author: KlangFool One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76112  
Subject: Contribution Withdrawal for Roth IRA Date: 10/13/2007 11:27 PM
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1)I have a rollover IRA A/C now plus 401K

2)If I start a Roth IRA A/C now, is it correct that I can withdraw my contribution 5 years from now without penalty?

3)Is the withdrawal only limited to the contribution that is 5 years old or I can withdraw all the contribution that I have done to than A/C?

Thanks in advance..


KlangFool
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 59676 of 76112
Subject: Re: Contribution Withdrawal for Roth IRA Date: 10/14/2007 12:57 AM
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2)If I start a Roth IRA A/C now, is it correct that I can withdraw my contribution 5 years from now without penalty?

3)Is the withdrawal only limited to the contribution that is 5 years old or I can withdraw all the contribution that I have done to than A/C?


You can withdraw a Roth contribution in 5 minutes without tax or penalty.

Distributions from a Roth are either "qualified" as defined in IRS Publication 590 or "nonqualified." Qualified distributions are not taxed and are never subject to a penalty.

There are ordering rules for the sequential treatment of nonqualified distributions:

1. Contributions: no tax or penalty
2. Conversions: no tax; maybe penalty
3. Earnings: tax and penalty

Phil

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Author: KlangFool One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 59685 of 76112
Subject: Re: Contribution Withdrawal for Roth IRA Date: 10/14/2007 9:07 PM
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Thanks.

KlangFool

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