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I have a question that I think I know the answer but I would love some foolish confirmation.

I have a ROTH IRA that has been hammered by the market. I have also lost my job, :-( and would like to have some money in the bank for emergincies.

I would like to close our my ROTH as it is below my contribution level, i.e. no earnings or gain. It has 3 years worth of contributions @ $2000 ea and has a current value of aprox $2700 (OUCH). THe IRS web page states that I can take out same year contributions before tax filing for that year, in this case April 15 2002, without penalty. My question is can I close the fund completely without penalty? if there is a penalty is it on the portion outside of the same year contributions?

Any help is appreciated.

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