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My roth IRA contributions are more than the roth IRA is worth.

Customer Question
Can I withdraw my contributions...
My roth IRA contributions are more than the roth IRA is worth. Can I withdraw my contributions without being penalized or taxed? I'm under 59. I've had the acccts since 2000. one acct is worth $4093 today but I've put over $4800 into it.
Submitted: 9 years ago.Category: Tax
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Answered in 1 minute by:
11/4/2008
Tax Professional: Wendy Reed, Enrolled Agent replied 9 years ago
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
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Hello there,

 

Not only may you withdraw your contributions without being taxed, but you may also take a loss if you itemized deductions on Schedule A, under miscellaneous deductions subject to 2% AGI limitation.

 

Your contributions were made with all after tax monies, so withdrawals will not be taxable. You may take the loss as an itemized deduction provided you withdraw or close all Roth IRAs that you own.

 

Let me know if you need more information.

Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
Verified
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