Is this new for Roth IRAs? I was really under the impression that I can withdraw my contributions regardless of age and I will not be paying any penalties or taxes. Below is what I researched
Roth IRA Contributions: For Roth IRAs, you can withdraw your contributions (the principal amount you deposited) at any time, regardless of your age, without incurring taxes or penalties. This is a key feature of Roth IRAs and differentiates them from Traditional IRAs.
Earnings Withdrawal Rules: The 10% early distribution penalty and potential taxes apply to the earnings (not contributions) withdrawn from a Roth IRA if you are under 59 1/2 years old and do not meet certain exceptions. This penalty does not apply to withdrawn contributions.
