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I converted a regular to a Roth IRA in 1999. Now I need to pay the taxes on the original rollover amount. I have done well in the stock market with my IRA and have made no additional cash contributions. Can I withdraw from the Roth to pay the taxes for the rollover conversion. Will I have a 10% penalty and/or taxes on the amount I withdraw. I will not have to touch the original conversion funds???? Anyone been there done that??? Thanks in advance for the reply,

Tom
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There must be a cheaper way.Can you borrow from a home equity loan? Don't waste your stock market gains!
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Greetings, Tom, and welcome. You wrote:

<<I converted a regular to a Roth IRA in 1999. Now I need to pay the taxes on the original rollover amount. I have done well in the stock market with my IRA and have made no additional cash contributions. Can I withdraw from the Roth to pay the taxes for the rollover conversion. Will I have a 10% penalty and/or taxes on the amount I withdraw. I will not have to touch the original conversion funds???? Anyone been there done that??? Thanks in advance for the reply,>>

Take any money from the conversion IRA before the money has been in that IRA for five tax-years, and you will pay a 10% penalty on anything taken . The Roth IRA considers any withdrawal as coming first from annual contributions, next from amounts converted to a Roth from a traditional IRA, and last from earnings. If that's the only Roth IRA you have, then the first money out is considered conversion money. You can't touch that penalty-free until it's been there for five tax-years.

Regards..Pixy
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