Today’s video covers Roth IRA withdrawal rules if you are age 59 and under.
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What is a Roth IRA?
A Roth IRA is an individual retirement account in which money grows tax-free.
Roth IRA Withdrawals under age 59 1/2…
You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. But, you may have to pay taxes and/or penalties on earnings in your Roth IRA, depending on the situation. Many use a Roth IRA for an emergency fund.
If you take withdrawals from a Roth IRA, you’ve had less than five years.
If you take a distribution of Roth IRA earnings before you reach age 59½ and before the account is five years old, the earnings may be subject to taxes and penalties. You may be able to avoid penalties (but not taxes) in the following situations:
You use the withdrawal (up to a $10,000 lifetime maximum) to pay for a first-time home purchase.
You use the withdrawal to pay for qualified education expenses.
You use the withdrawal for qualified expenses related to a birth or adoption.
You use the withdrawal to pay for unreimbursed medical expenses or health insurance if you’re unemployed.

If you take withdrawals from a Roth IRA, you’ve had more than five years.
If you’re under 59½ and your Roth IRA has been open five years or more, your earnings will not be subject to taxes if you meet one of the following conditions:
You use the withdrawal (up to a $10,000 lifetime maximum) to pay for a first-time home purchase.
You use the withdrawal to pay for qualified education expenses.
You use the withdrawal for qualified expenses related to a birth or adoption.
You use the withdrawal to pay for unreimbursed medical expenses or health insurance if you’re unemployed.

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