Replies to post #153817 on Zeev's Turnips Patch-No Politics (ZEEV)

[Newly2b]

Autosinger,

I was trying to be brief, so didn't explain that well.

Regarding Roth IRAs, you can withdraw your non-rollover contributions any time with no tax or penalty (unlike in a standard IRA). To withdraw the earnings tax-free you must meet BOTH of the following requirements:

1) You must have had your Roth IRA open for 5 years, counted as ending on Jan.1st of the 5th year after the year you setup the Roth. Doesn't matter what month in the year you establish the Roth. Once you've established one Roth, you may later establish others in later years, but all qualify once the first has met the 5-yr requirement (except rollover Roth IRAs).

2) You must be at least 59.5 years old
OR
You must be dead (your beneficiary takes the distribution)
OR
You must be a qualified first-time homebuyer

Go here http://www.fairmark.com/rothira/taxfree.htm for more info. Hope this helps.

Newly