Timothy Sumer

Before You Withdraw from Your Roth IRA, You NEED to Know THIS... If someone wants to cash out their Roth IRA or take out a substantial chunk, what’s the first thing they need to know? The rules allowing a Roth IRA to be 100% tax-free and penalty-free are firm: Hold the account for more than 5 years and be age 59 ½ or older. Now, if you’re under 59 ½ and you want to withdraw ALL or SOME of the money from your Roth – how much you have to fork over to the government for early withdrawal is determined by how long you’ve held the account. And that amount is 5 years. If you have had your Roth IRA for under 5 years and you are under 59 ½, you will be penalized 10% by the IRS. Remember, your contributions are always free from taxes since you deposited after-tax money into your Roth IRA. However, you will pay taxes on the gains you made plus pay the 10% early withdrawal penalty. #shorts #rothira #ira #cashoutira #retirementsavings... ( read more ) LEARN MORE ABOU...