With a Roth IRA, you are allowed to withdraw your contributions, without tax or penalty, at any time. (Different rules apply for conversions from a traditional IRA.)If you close your IRA completely, there won't be any penalty. However, consider the tax impact: You will have a miscellaneous investing expense of approximately $3300 (you put $6000 in and only got $2700 out). However, there are various thresholds you'll have to meet to be able to deduct that on your taxes. If you have no other investing expenses, or if you don't itemize, that might not gain you anything. Youd have a loss with nothing to show for it.However, if I were in your situation I'd just move the IRA to a money market account. If an emergency comes up, only withdraw from the IRA as much as needed. Even if you have to withdraw $2699, that $1 still "remembers" your other $3300 worth of contributions.
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