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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 540
Experience:  Tax attorney and accountant
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I have a very small Roth IRA and am completely broke and unemployed

Customer Question

I have a very small Roth IRA and am completely broke and unemployed and need to pay my mortgage. The value was 21,065. as of 3/31. 12,950 of that is purchases, 7,186 is reinvested cap gains.
What will be my taxes, penalties, fees if I just take out my purchase amount right now?
Submitted: 7 months ago.
Category: Tax
Customer: replied 7 months ago.
I am age 46. I also need to get these funds soon.
Expert:  Mark Anderson replied 7 months ago.
Here is a link with your answer:http://homeguides.sfgate.com/cash-out-ira-early-pay-mortgage-payment-9666.htmlIt really depends upon your tax situation. You would have the 10% penalty and tax on the earnings.
Expert:  Mark Anderson replied 7 months ago.
You might want to check and see if you qualify for a hardship:http://www.bankrate.com/finance/retirement/penalty-free-401-k-ira-withdrawals-1.aspx
Customer: replied 7 months ago.
Thank you. But Dude, I can Google. ie: http://www.rothira.com/roth-ira-withdrawal-rules
I needed something a bit more specific to my situation, given I provide you some detail. I just wanted to know what I would be charged to withdraw the exact amount of my Roth IRA contributions on my 13 year old Roth IRA. I don't qualify for hardships, ect.. Most sites advise I will not be charged the 10% first time withdraw penalty. I am trying to verify, thus my question was asked about what I would need to pay (if any).
Expert:  Mark Anderson replied 7 months ago.
I thought you would be charged the 10% and taxed on the earnings. See my answer above. I guess I will opt out and another expert might give you a better answer.

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