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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.
Thank you!
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)?
@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)?
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.
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