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Would like to take $20,000 out of my Roth IRA, I have personally contributed $33k too, I am under 50 years old. Would there be any taxes or fees?

This $20k would not include company match or earnings.
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1 Reply
dmertz
Level 15

Would like to take $20,000 out of my Roth IRA, I have personally contributed $33k too, I am under 50 years old. Would there be any taxes or fees?

Are you sure that this is a Roth IRA?  You mentioned that you would not be taking out any company matching contributions which makes me think that this is in a qualified retirement plan, not in an IRA.  If it's a designated Roth account in a qualified retirement plan you generally can't take a distribution from the Roth account if you are under age 59½ and are still working for the company.  If this is a designated Roth account in a qualified retirement plan and you have separated from service, to be able to take out just your original contributions you would have to first do a direct rollover of the money from the designated Roth account to a Roth IRA to be able to take advantage of the Roth IRA ordering rules that dictate that the first money distributed from the Roth IRA is a nontaxable distribution of your original contributions.  If you just take the money out directly from the designated Roth account and do not roll it over, the amount taken out will be a proportionate mix of taxable and nontaxable amounts, and the taxable amount will also be subject to a 10% early distribution penalty.

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