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Roth ira ? for all you money folks............
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Thread: Roth ira ? for all you money folks............

  1. #1

    Roth ira ? for all you money folks............

    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
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    viva la revolucion !

  2. #2
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    Quote Originally Posted by sudsy9977 View Post
    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

  3. #3
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    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.

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

    Jared

  4. #4
    Quote Originally Posted by sudsy9977 View Post
    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

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