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Submitted 91 days ago...

Castle857

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What is the penity for withdrawing money from your roth IRA

What is the penity for withdrawing money from my roth ira it has been in for two years. Iwanted to take out a small amout.

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Answer 1 / 1 - Submitted 91 days ago...

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Roth IRA contributions are after-tax money. So, if the amount you take out is less than the amount you have previously contributed, you won't have any penalty (or tax).

If you take out more than your contributions, you will pay income tax and a 10% penalty. Roth IRAs have to be open at least five years before some of that tax goes away.

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