Hey everyone. Struggling to remember 2 things about Roth IRAs. Would appreciate a refresher.
Example: I open up a Roth IRA in 2020. I max out my Roth for 3 years. In year 4, I need to withdraw my $18,000 of contributions. (Non-emergency, not a home purchase etc)
To keep the math simple, lets say the market grew that account to $20,000
Can my contributions come out at any time? Am I still subject to the 10% penalty for the $18,000 withdrawal (because of 5 year rule)?
Lastly, when I make that $18,000 withdrawal, can I indicate that it is from my contributions? Are gains forced to come out first? Or can I withdraw $18,000 and leave my $2,000 gains in the account?
Thanks
Submitted February 04, 2020 at 04:34PM by BarzysBetter https://ift.tt/2RZ3zJ0
