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I'm going to contribute for 20 years. Maxed out roth ira and twice as much to a taxable account. At the end of 20 years I'm going to take out the entire contributions (to the roth ira) and retire.
If I opened the account in 2019 but made contributions for the 2018 year also, will 2018 be the start of the 5 year rule?
Dec 22 here !!!
Hello, I have contributed more than what my current balance is due to losses in the market. Does that mean I can withdraw the full amount with no penalty? Or does my account holder call some of that “investment gains”?
Great content, man. One question: could I pull from my ROTH IRA in order to start a business?
beautiful video
to clarify, in order to withdraw from Roth IRA for down payment on home you still have to wait 5 years since opening the account?
Ironically I need to take mine out early because I’m a jazz musician. Can I take out the principal with no penalties at all? I met the 5 year period
What about the 59 1/2 rule ?
Soo after the five year mark I can sell some of my contributions and not suffer from any penalties? So basically I would just sell off the amount of shares equal to my contribution and I would be okay?
What about withdrawing to buy a plot of land?
Quick question/note: You said that we have to wait 5 years after opening the account to be able to take out contributions, but contributions can actually be taken out at any time. I see a lot of questions here around this rule, but please explain it in the description or something because it was not accurate in the video… You do not have to wait 5 years unless it is a rollover into a Roth or any money that gets put into a roth that has not been taxed yet. But if you contribute your money that has already been taxed (like your income), then you can take it out at any point penalty free without this 5 year waiting period. I know you answered someone's question correctly here in the comments, but in the video you are making it sound like you have to wait 5 years even to take out contributions penalty free. Otherwise, great informative video.
Just found this channel and am really enjoying getting educated.
I'm taking money out of vanguard because their fossil fuel investments.
Good info
What about down payment for a 2nd home?
Great video!
If you take out contributions for a first home/college, does it also have to be 5 years old?
Thank you. This is by far the most informative video!
Thanks for the information
Hi How do I prove to the irs that I had an roth ira open for 5 year since I had one with vanguard in 2015 and now I have one with fidelity that I open in 2019? I have never filed taxes
I’m taking mine out solely for the purpose of getting a first home. So I’m glad you covered that
So let's say I have put $6000 into a Roth IRA. Only one year later, total account balance in now $7000. Am I able to withdrawal the $6000 tax and penalty free?
Clarification: do you have to also be over 59 years old to not incur in fees/penalties? Also: what happens to your Roth IRA account if you have to move to a different country? I'm a green card holder and though I'm planning to live in the USA long term, there's always a small possibility I might need to relocate back to Italy at some point in 10 years, or 20 years (you just never know what could happen with family's health and such). I guess I'm just afraid of committing to something longterm that might involve fees/penalties as life is unpredictable, but I also don't want to find myself with no retirement because I hesitate too much
So I open my Roth IRA March of 2017, so in January 2021 it should be 5 years correct? Anyone?
Thank you
Thanks for breaking it down in dummy terms:} liked and subscribed!
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I love your Jazz intro
if you role over a roth 401k to a roth IRA and wait 5 years can you take the gain from the 401k portion out if you not age 59 1/2?
Thank u! Just opened an ira with vanguard last month
Great info.
do you have the branch in WA state?
Where does the 10% fee come from? And is that 10% fee just on the earnings? How is the fee calculated? What about transferring from an old roth to a new roth? Pretty sure I read that's tax free to switch companies, but does it need to be a direct transfer? Hard to get clear details.
excellent video, thanks man. best explanation of roth ira i've seen.
Is roth in a defer comp 457 the same as an ira roth? And if i was to take out the entire sum of my account (15k) for a down payment on a house before 5 years, u r saying i would only have to pay taxes in wat ever of that 15k is profit and face no penalties?
Super helpful and fast!
Strange, I want to cash my Roth IRA and I have no surrender fee. I can simply get cash value at this point. My earning were at the level of… 1.5% a year. So, NOTHING.
I took money out of ROTH after five years and no more than contribution amount due to financial hardship but IRS came after me(I had to use a credit card to pay them). Is there a way to recoup that money?
so helpful i was just wondering which was better so i could have some type of freedom with my money instead of it being tied up until 2053
The video was excellent and clear thank you! I have learned a huge amount from your channel recently. I have a few related quick yes no questions. I'm sure you are busy, but if you responded that would be terrific! =) Is the 5 year timer a one time thing starting with the first year of funding? In other words does each contribution have its own 5 year timer? Does the 5 year rule apply to rollover conversions into the Roth IRA in the same way as contributions? If the conversion is from an after tax non-Roth 401k account or or an after tax Roth i401k, is that OK? If the just mentioned conversion's value is let's say $57,000 in 2019, is that OK?
So im 23, lets say I open a Roth IRA today and put 3,000 in, and contribute 3,000 each year, do I get some sort of % return? or is that only if I buy mutual funds and rtfs etc..?
I’m 18 and I want to open a Roth IRA but I want to take m money out at the age of 50, I know I will get taxed 10% from the penalty but is that all what else and how much will I get taxed for , if I put 500 dollars every month in ira from age 18 to 50 it will be around 546,000$ but with the 10% penalty it will be come around 491,000 how much will I be left with if that 491 gets taxed
Say I contribute 5500 in January, then take out the cash for an emergency in February. In May my situation is stable. Can I contribute the 5500 again to my account?
Say then I withdraw 20,000 of contribution money in January instead of 5500. Can I replace all of that in May or am I limited to 11,000? (5500 this year and 5500 late contribution from the previous year)
hi…i opened $5500 of my roth 2017…it has earned $700 now…i want to take $2500 this july…will i be taxed and or penalized?
I once had a Traditional 401(k) at work (I cashed out :/) and I was able take out a loan on it. Is that an option for a Roth IRA?
Great video 🙂 So if I open a Roth IRA today at 26, and I want to save/invest in it for 2 years until I can make a downpayment on my first home property, then will this violate the IRS's 5-year rule or not? To be exact, if we imagine two senarios building on my situtation, the first where I only withdrew my earnings and the second where I only withdrew my contributions, would I be penalized and taxed for either?