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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 35 years experience providing financial advice
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Can I make an early, non-qulifying withdrawal of any contributions

Resolved Question:

Can I make an early, non-qulifying withdrawal of any contributions I made from my Roth IRA without taxes or penalties (since the contributions have already been taxed)? For example, I put in $10,000 over the past few years. The balance is now $12,000 ($2,000 of interest). Can I withdrawal (early & non-qualified) up to $10,000 with no penalties or further taxation?
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

Yes, you can withdraw your contributions first and they will not be subject to tax nor penalties. The IRS has set ordering rules for Roth IRAs that consider distributions to be withdrawn from contributions first.

 

See page 67 - http://www.irs.gov/pub/irs-pdf/p590.pdf

 

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