Thanks. I read it but there is this part...I am 53
My question is why? I am only withdrawing the contributions, which have already been taxed.
Qualified Distributions From a Roth IRA
A qualified distribution from a Roth IRA is excludable from income and should not be reported anywhere on the New Jersey tax return. A qualified distribution is one made after the five-year period beginning with the first tax year for which a contribution was made to the IRA, and that is:
- Made on or after the date the individual reaches age 59½; or
- Made to a beneficiary (or the individual's estate) after the individual's death; or
- Made because the individual became disabled; or
- Made as a qualified first-time homebuyer distribution as defined by the Internal Revenue Code.
