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chrishu5
New Member

Are early withdraws from a ROTH IRA taxable?

 
2 Replies
DianeW
Expert Alumni

Are early withdraws from a ROTH IRA taxable?

The earnings on the withdrawal are taxable. If the withdrawal is made before age 59½ and doesn't exceed the amount that has been contributed to the Roth IRA over the years, then no income tax is charged. ... If the withdrawal is made before age 59½ and includes earnings, then you may have to pay both income tax and a 10% penalty on those earnings.

Critter
Level 15

Are early withdraws from a ROTH IRA taxable?

Taxable or not you will get a 1099-R from the issuer and you must enter it on the tax return or you will get a letter from the IRS to deal with later.
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