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Posted by joetaxpayer on February 13, 2007, 2:08 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?
>>
>> 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?
> As you can see I have received conflicting advice. Some say
> I can withdraw my contributions any time. Others say I have
> to wait five years. I have read publication 590 and either
> I can't find the answer or, if it's there I don't understand
> it.
>
> Can someone point out where in that publication it gives me
> the answer.
Page 60, "Are Distributions Taxable?"
I believe if you open the roth and are not 59-1/2, then the
money had to age 5 years to avoid penalty.
JOE
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