I am a college student who opened a Roth IRA last year (August 2000) which I funded with ernings from a summer job. Thinking that I would have another summer job this year I made a $2000 contribution for this year (2001) in January. But due to family circumstances I did not work this summer and so I have no earned income for 2001.With the money I deposited for 2000 I bought some stock. The money I depositied for 2001 I left as intrest-earning cash since I couldn't come up with a good stock to buy.What are the penalties for depositing money while having no earned income? Can I pay them with outside funds or must the penalties be paid from my Roth account?I have heard that it is possible to withdraw contributed funds from a Roth (i.e. the principle). If I withdraw $2000 will I be okay? OR do I have to withdraw the intrest too?Thanks--I appreciate your help.
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