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Additional Details
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Additional Details
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♥ ♥ C.J. ♥ ♥
The money you put in a Roth IRA is after tax. That money and all the money that grows is tax free or taxable?
When I take it out?
At what age can I start taking it out?

Thanks
                     
 




patrick a
Rating
CJ, The earnings in a Roth IRA is tax free. see attached:

ROTH IRA
Contributions are NOT deductible when the funds are contributed, but the Roth IRA earnings accumulate tax-free and remain tax-free upon distribution. To be eligible to contribute, your Adjusted Gross Income must be under $95,000 for singles and $150,000 for married couples, as of December 2000. You cannot withdraw your funds within the first 5 years after the establishment of the Roth without a penalty. Given that this 5-year testing period can successfully be addressed by proper tax planning, the establishment and at least partial funding of a Roth IRA account should be on the discussion list of the financial advisor of every taxpayer who qualifies to open such a plan.


Jeff T
Rating
The Roth IRA money is after taxes, but you get to withdraw it tax-free after you reach retirement age (which for IRAs is 59 1/2).


what?
Rating
you can always take out however much you contributed, without penalty.

you can start to withdraw your earnings tax-free after age 59 1/2.


src50
http://www.ira.com


v b
It depends.

I am not 59.5 and:

I could go to my ROTH IRA tomorrow and withdraw quite a bit tax free. EVERY dime of post-tax contribution that I did annually is available for withdrawal. No tax no penalty since I opened the account more than 5 years ago.

I could go further and dip into the rollovers that I did from IRAs to the ROTH, but if it hasn't been 5 years for that particular rollover, I'd be hit with a 10% penalty.

I could go further and dip into earnings. Income tax and 10% penalty would apply.


BILL
Its all tax free until you turn 59-1/2 , if you withdrawal early you will pay a 30% penalty so whatever you do don't take it out

Good Luck


shiprepairwoman
You can take it out at any time you want without tax or penalty. I wouldn't until I had to since you can't put it back in and it is the only tax free money you will have.


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