I just made a contribution to my Roth IRA. The money is held at the cash account (not invested). Can I return this money to savings without penalties/taxes being charged?

[macuser_22]

Yes.   You can request a "return of contributions"   from the IRA custodian.   You can do that anytime before the due date of the tax return (July 15, 2020 if a 2019 contribution, or April 15 2021 if a 2020 contribution.)  Any earnings attributed to the contribution will also be return and that would be taxable income.

[busydbee]

Thank you!  

[mexicanjeffrey]

Thank you!

So if I'm under the age of 59 1/2 they won't penalize me becuase I haven't invested this money correct and I can  withdraw it (just the contributed part)?

[macuser_22]

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@mexicanjeffrey wrote:

Thank you!

So if I'm under the age of 59 1/2 they won't penalize me becuase I haven't invested this money correct and I can  withdraw it (just the contributed part)?

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Yes, If removed as above.  The contribution plus any earnings attributed to the contribution.  The financial institution will report it on a 1099-R with the earning (if any) in box 2a.