I'm 23 years old with an AGI of $22,000. I have been making monthly contributions of $100 into a taxable mutual fund for about the last year (the total balance is about $4000). I want to sell this fund and move my money into a Roth IRA. Is a Roth the best route to go for a person in my situation? I don't see any reason to remove the money before five years and then the only reason would be to purchase a house. I have read that a down payment for a first house will not be penalized when removed. Is it true that everything would be tax free for a new home? And even if I didn't use the money for a house what exactly are the consequences for removing my money AFTER 5 years, if any?
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