Consequences of liquidating an ira match making adult dating site
However, before you liquidate and throw a party, consider both the taxes and the early-withdrawal penalties that apply to non-qualified distributions.
Hidden beneath the layers of rules and red tape is the ability to shelter funds from taxation while they grow for decades.
For Roth IRAs, your account has to be at least five tax years old and you have to be either 59 1/2, permanently disabled, or using no more than ,000 to buy your first home.
Actually liquidating the account is relatively simple, but the tax reporting is more complicated.
Since you have already paid federal income taxes on the contributions you made to your Roth IRA, you may withdraw amounts up to the total of your contributions at any time for any reason without creating a taxable event.
You do not pay taxes on these funds and you do not even have to report the withdrawal of these funds.