If you withdraw your contributions to a Roth IRA you will not have to pay a penalty. You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA. In order to avoid a potential 10% early withdrawal penalty:
- Withdrawals must be taken after age 59½.
- Withdrawals must be taken after a five-year holding period.
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