Posted On: 04/07/2015 12:56:27 PM
Post# of 41414
From the same Zack's article:
You can withdraw contributions from your Roth IRA without tax or penalty at any time. However, you must wait five years from the conversion date to remove any earnings resulting from the conversion tax-free. While you'll pay taxes on early withdrawals of earnings, you'll avoid the 10 percent penalty because of your age. You use a different five-year period for the earnings on regular contributions to your Roth. That period begins on Jan. 1 of the tax year for which you made the regular contribution. You have until April 15 of the following year to make an IRA contribution for the previous year.
It looks like you just pay tax on the earnings in an early withdrawal. No 10% penalty due to our age. Those under 591/2 just have to suck it up!
You can withdraw contributions from your Roth IRA without tax or penalty at any time. However, you must wait five years from the conversion date to remove any earnings resulting from the conversion tax-free. While you'll pay taxes on early withdrawals of earnings, you'll avoid the 10 percent penalty because of your age. You use a different five-year period for the earnings on regular contributions to your Roth. That period begins on Jan. 1 of the tax year for which you made the regular contribution. You have until April 15 of the following year to make an IRA contribution for the previous year.
It looks like you just pay tax on the earnings in an early withdrawal. No 10% penalty due to our age. Those under 591/2 just have to suck it up!
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