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I've had a Roth IRA account with my stock broker for 7 years. There is $200 in the account. If I deposit $5k into that account, could I withdraw tax free this year?

Or does a new 5 yr clock start on the new $5k? I am over 70 yrs old.
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3 Replies
MinhT1
Expert Alumni

I've had a Roth IRA account with my stock broker for 7 years. There is $200 in the account. If I deposit $5k into that account, could I withdraw tax free this year?

The 5-year period starts when you first opened the Roth IRA account. If you withdraw your contributions, it will not be taxable,

 

 

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I've had a Roth IRA account with my stock broker for 7 years. There is $200 in the account. If I deposit $5k into that account, could I withdraw tax free this year?

@dmonplaisir 

You don't want to withdraw from a Roth until you have achieved some growth in that account, right.?

Do you have some investment in mind?

(I know what I would invest in)

I've had a Roth IRA account with my stock broker for 7 years. There is $200 in the account. If I deposit $5k into that account, could I withdraw tax free this year?

You indicated you are over 70

 

...But...do you still have actual wage income?  Either from a W-2 job, or from self-employment income?

______________________

Certainly a rollover from another retirement account would be allowed, but you need actual wage/earned income to make a contribution.

 

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
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