Replies to post #47522 on Enzolytics Inc (ENZC)

[cybermich]

**This conversation is related to a conversation about investing in a Roth IRA

I wasn't talking about pulling it out before 5 years.. but you know you could trade it (sell some shares if you want, buy another stock with the proceeds etc.)..
And if you want to pull out the contribution.. you are allowed to do that without penalty.. but there are limits to what you can contribute each year..

The biggest benefit.. would be if somebody bought x amount of shares at x price (maxed out their 2020/2021 contribution) and then those shares went up 10 fold.. all of it would be tax free.

Again, the person would only be able to take out what they contributed in 2020/2021 (if they wanted to withdraw money without penalty).. and you are right the rest they would have to wait for 5 years (or 591/2) to withdraw (unless they were willing to pay the penalty.)

[MrTraderJoe]

I not an accountant either but I believe u have to wait 5 years or be 59 1/2 years old that u can pull it out tax free if they started contributing to it now.

You have to be min. 59 1/2 years old and your account has to be min. 5 years old to withdraw with no penalty. Therefore if you are 58 years old say and you open a Roth IRA today, you will have to wait till end of 2024 to be able to withdraw at age 62. The wait period starts from the beginning of the tax year, so that translates to 2020, 2021, 2022, 2023, 2024 as the wait period.