[[hello,]]Hi there...[[ Apart from the 10% penalty for early withdrawals from a Roth ira, I hear that there is an additional 10% penalty (for a total of 20%) for withdrawals that are made from Roth accounts that were created in 1998.]]That "additional" penalty was under the OLD rules. They no longer apply with the imposition of the 1998 Tax Law Changes. [[ Under what cicumstances does the additional penalty get triggered? Any information would be appreciated.]]It doesn't get triggered any longer. Prior to the law change, it had to do with an early withdrawal of converted funds. But, again, the "additional" 10% penalty has been removed. Anybody that tells you that the "additional" penalty is still in force hasn't kept up with the law changes. Period.I'll discuss this issue in more detail in next weeks installment of "The Roth IRA" in the Taxes FAQ area. You might want to check it out.[[ Thanks.]]My Pleasure...TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. There is still time available to do that tax planning (and tax saving) before the end of the year. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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