Solved: I have a Roth IRA that I pay into after tax. I was told that I can pull out my contributions anytime without having to pay tax, is this correct?

I have a Roth IRA that I pay into after tax. I was told that I can pull out my contributions anytime without having to pay tax, is this correct?

posted

Yes with some conditions.

Are you older than 59 1/2

If you are over 59½ you can withdraw as much as you want, as long as your Roth IRA has been open for at least 5 years.
If you are under 59½, you can withdraw up to the amount that you contributed to the Roth IRA with no penalties.

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Yes with some conditions.

Are you older than 59 1/2

If you are over 59½ you can withdraw as much as you want, as long as your Roth IRA has been open for at least 5 years.
If you are under 59½, you can withdraw up to the amount that you contributed to the Roth IRA with no penalties.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"