Forth ROTH IRA, do we need to wait 5 years to withdraw the original/contribution (NOT earnings)? I thought the 5 year rule only applies to earnings and NOT original principle but I hear mixed stories. I need some clarification.
For example, if I contribute 6000 in 2019 , by 2020 my account grow to 7000. In 2020 I take out only 6000 leaving the 1000 earning in the account . The 6000 (principle) should be tax and penalty free right?
You'll need to sign in or create an account to connect with an expert.
Correct. You can receive a distribution of your original $6,000 of contributions at any time, tax and penalty free.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
purpledupa
New Member
victoriad_2022
New Member
smcgill2153
New Member
annie8508
Level 1
jogger23
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.