http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/comment-page-1/#comment-253282 Jim D Thu, 03 Nov 2011 15:49:17 +0000 http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/#comment-253282 Great information. My understanding is that ordinary income tax and penalty would be applied to the gain only since it was withdrawn before age 59.5 or in a non qualified fashion. So example would be 15K cost basis and current value of 16,500, tax at ordinary tax rate for that individual as well as 10% penalty would be assessed. If that is not correct, kindly correct me! Great information. My understanding is that ordinary income tax and penalty would be applied to the gain only since it was withdrawn before age 59.5 or in a non qualified fashion. So example would be 15K cost basis and current value of 16,500, tax at ordinary tax rate for that individual as well as 10% penalty would be assessed. If that is not correct, kindly correct me!

]]> http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/comment-page-1/#comment-6029 GaryP Sat, 20 May 2006 08:10:13 +0000 http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/#comment-6029 Had to google "Savers-Credit IRA" to find out what you were talking about. Guess my joint income has been over $50k for the last couple years so it never came up in my radar. Had to google “Savers-Credit IRA” to find out what you were talking about. Guess my joint income has been over $50k for the last couple years so it never came up in my radar.

]]> http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/comment-page-1/#comment-6008 Flexo Fri, 19 May 2006 19:16:18 +0000 http://www.fivecentnickel.com/2006/05/19/withdrawing-your-roth-ira-contributions-followup/#comment-6008 This is good to know. Thanks EC and nickel for passing this along! This is good to know. Thanks EC and nickel for passing this along!

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