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I am 58 now in march i will be 59, i am thinking about

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Hi my name is...

Hi my name is ***** ***** am 58 now in march i will be 59, i am thinking about setting up a Roth IRA so i can invest it in real estate, one of the ROTH rules i read said you can withdraw the ROTH & gains on investment in 5 years or 591/2 tax free, so i have 8 months to do this, i would like to no i this correct or do i have to wait 5 years ?

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Submitted: 7 months ago.Category: Finance
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12/11/2017
Financial Professional: TaxRobin, Senior Advisor replied 7 months ago
TaxRobin
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Category: Finance
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Financial Professional: TaxRobin, Senior Advisor replied 7 months ago

ROTH IRAs have no tax on the earnings when withdrawn. The 59 1/2 requirement is so you have no penalty for taking out early.

An investor can withdraw his or her contributions to a Roth IRA at any time without tax or penalty. But that does not apply to any earnings or interest that you have earned on your Roth IRA investment.

In order to withdraw your earnings from a Roth IRA tax and penalty free, not only must you be over 59½ years-old, but your initial contributions must also have been made to your Roth IRA five years before the date when you start withdrawing funds.

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