SharonD007
Expert Alumni

Retirement tax questions

It depends. If your Roth has been open for five years, you can withdraw any amount that you want if you’re 59 ½ or older without taxes or penalties. If you’re under 59 ½ you can withdraw any amount up to what your contributions were without taxes or penalties. If your Roth has been open for less than five years and you take a withdrawal, you will have to pay a 10% penalty.

 

For additional information, please review the TurboTax article Are withdrawals from a Roth IRA taxable? and the IRS topic Roth IRAs.

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