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Posted by John D. Goulden on February 10, 2007, 6:44 am
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> If I contribute $4000 when can I withdraw any or all of that
> original $4000? Is there a penalty if I am not 59 1/2?
One of the beauties of the Roth IRA is that you can withdraw
your contributions (but NOT your interest) penalty-free at
any time.
More than you ever wanted to know about Roth IRAs
http://www.rothira.com/
--
John D. Goulden
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by San Diego CPA on February 10, 2007, 6:44 am
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> Sorry to ask such obvious questions. I tried reading the IRS
> publications but they are too much for me to understand.
>
> Can I still open a ROTH IRA for year 2006?
Yes
> If I contribute $4000 when can I withdraw any or all of that
> original $4000?
not less than 5 years and >59 1/2
Is there a penalty if I am not 59 1/2?
Yes
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Shyster1040 on February 10, 2007, 6:44 am
Please log in for more thread options Provided you otherwise qualify (e.g., meet the income
limitations), you can open a ROTH IRA and make a
contribution for 2006 up until the due date, including
extensions, of your 2006 tax return (i.e., April 17, 2007,
unless you get an extension of time to file). See IRS Pub.
590, page 58.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on February 12, 2007, 12:42 am
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> Provided you otherwise qualify (e.g., meet the income
> limitations), you can open a ROTH IRA and make a
> contribution for 2006 up until the due date, including
> extensions, of your 2006 tax return (i.e., April 17, 2007,
> unless you get an extension of time to file). See IRS Pub.
> 590, page 58.
You mean page 58 where it says
"You can make contributions to a Roth IRA for a year at any
time during the year or by the due date of your return for
that year (not including extensions)."?
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by taxxcpa on February 10, 2007, 7:03 am
Please log in for more thread options Jane wrote:
> Sorry to ask such obvious questions. I tried reading the IRS
> publications but they are too much for me to understand.
>
> Can I still open a ROTH IRA for year 2006?
>
> If I contribute $4000 when can I withdraw any or all of that
> original $4000? Is there a penalty if I am not 59 1/2?
You must hold it five years to qualify for penalty-free
withdrawals. After you meet the holding period for the first
Roth IRA, all future Roth IRAs are treated as having met
this rule.
Once you meet the five-year rule you can withdraw amounts
contributed without penalty if under 59 -- but not earnings
or conversions from previously-existing IRAs.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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