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I would like to confirm that withdrawing contributions out of my Roth IRA is tax- and penalty-free for age under 65 and less than 5 years with account

 
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3 Replies
Ashby
New Member

I would like to confirm that withdrawing contributions out of my Roth IRA is tax- and penalty-free for age under 65 and less than 5 years with account

Yes, contribution withdrawals are always tax free regardless of your age and the age of the account. Penalties would only ever apply to growth withdrawals.

I would like to confirm that withdrawing contributions out of my Roth IRA is tax- and penalty-free for age under 65 and less than 5 years with account

Thanks for the confirmation. Also, could you confirm that growth withdrawals refer to the earnings in the Roth IRA (not contributions)?
Ashby
New Member

I would like to confirm that withdrawing contributions out of my Roth IRA is tax- and penalty-free for age under 65 and less than 5 years with account

Yes, earnings not contributions.
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