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View Full Version : Roth ira ? for all you money folks............



sudsy9977
06-12-2011, 11:57 PM
ok so from what i read......u can take out whatever your contribution is at anytime tax/penalty free?.....that sounds too easy.....so say i contributed 3000 dollars to an ira.....can i take 3000 out two years later?.......do i clain it on my taxes at the end of the year?.....anything i should know about?......ryan

El Pescador
06-13-2011, 12:39 AM
ok so from what i read......u can take out whatever your contribution is at anytime tax/penalty free?.....that sounds too easy.....so say i contributed 3000 dollars to an ira.....can i take 3000 out two years later?.......do i clain it on my taxes at the end of the year?.....anything i should know about?......ryan



Not without penalties!

Pesky

rahimlee54
06-13-2011, 06:05 AM
As long as you just touch what you put in there aren't any penalties. If you touch money earned there is a 10% fed penalty. Here is a fact sheet.

Click me. (https://personal.vanguard.com/us/whatweoffer/ira/factsheet)

I am a pretty big fan of Roths personally, but if I were self employed there are a couple of other options.

Jared

mikemac
06-13-2011, 03:09 PM
ok so from what i read......u can take out whatever your contribution is at anytime tax/penalty free?.....that sounds too easy.....so say i contributed 3000 dollars to an ira.....can i take 3000 out two years later?.......do i clain it on my taxes at the end of the year?.....anything i should know about?......ryan

I've been in the business for 29+ years so if you want you can follow up with a pm....By claim on my taxes at year end , do you mean report the 3000 distribution (withdrawl?) Yes, and it will help to provide the IRS with your logic for a PENALTY FREE WITHDRAWL, like a earlier account statement showing the contribution in the same amount.

I think Roths are pretty good if your are a). young, and b). in a reltively low tax bracket
I'd be especialy wary of Roth Conversions