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.Thanks.
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