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 Learyfan
It's the psychedelic movement!
 
Registered: 04/20/01
Posts: 32,386
Loc: High pride!
Last seen: 3 hours, 14 minutes
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 Penalties for withdrawing Roth IRA funds 
#9901046 - 03/03/09 01:55 AM (12 years, 1 day ago) |
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I looked around for this info, but couldn't find an exact answer. Hypothetically, if someone had $10,000 in a Roth IRA fund and withdrew it without having a valid reason, what percentage would be lost to taxes and the penalty for not being 59 1/2?
Thanks!
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Mp3 of the month: ESB - Mushroom People
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agrestic
Stranger
Registered: 03/01/09
Posts: 51
Last seen: 11 years, 11 months
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 Re: Penalties for withdrawing Roth IRA funds [Re: Learyfan]
#9901232 - 03/03/09 02:42 AM (12 years, 1 day ago) |
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Learyfan
It's the psychedelic movement!
Registered: 04/20/01
Posts: 32,386
Loc: High pride!
Last seen: 3 hours, 14 minutes
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Re: Penalties for withdrawing Roth IRA funds [Re: agrestic]
#9901571 - 03/03/09 04:22 AM (12 years, 1 day ago) |
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Thanks for the link and the well wishes. I think I need both of those things. 
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Mp3 of the month: ESB - Mushroom People
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 Brasco
Stranger
Registered: 05/26/07
Posts: 577
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Re: Penalties for withdrawing Roth IRA funds [Re: Learyfan]
#9905449 - 03/03/09 08:22 PM (12 years, 13 hours ago) |
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I heard it's 15%. I just cashed out an inherited IRA I have. The financial place that holds your IRA can withold the tax for you or you can get all of the money and have to pay the tax next year.
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