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live and learn
About withdrawing from a ROTH IRA?
I have a ROTH IRA in Share Builder. I have a ARDVX mutual fund in there and it's down 2.18%. I am 26 and opened the ROTH IRA a couple months ago. If I withdraw my $616.61 from my ROTH IRA, will I have to pay a tax or penalty?
Since you already paid taxes before putting the money in, you will not have to pay taxes taking it out since your investment didn't produce any earnings.
However, you may be subject to the 10 percent penalty for withdrawing the money before age 59 1/2 unless you are using the money to buy your first house, pay for education or health expenses, or any of the other qualified reasons.
jlf
Why do you want to withdraw the money just because the fund is down 2%? IRAs are for RETIREMENT; not to serve as short term savings accounts. All mutual funds have ups and downs; they are intended for LONG TERM investing.
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