I have had a Roth IRA for 12+ years. I unfortunately need to withdraw some of it.
From what I've tried to find out is it true that if I withdraw only the amount that I have contributed over this time there is no penalty? It would just be considered income on my tax return next year?
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Tax Professional Answers
When an early withdrawal of funds from a Roth IRA occurs, the withdrawal is first considered to be from the contributions in the account. These amounts are not subject to income tax or a penalty. If you withdraw all your contributions, the earnings will be subject to income tax and the 10% penalty unless an exception applies.Leave a Comment 310 weeks ago