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I am wondering about withdrawing from a Roth IRA. I've had it 5+ years but I'm 51 years old. I understand I can take my contributions tax & penalty free but I wonder about earnings.
Let's say I opened it with $8,000 but due to the '07/'08 recession I lost a couple grand right away. I slowly gained some of it back with earnings but i wonder: do i count the money it gained while it was under $8,000 and was going up, or do I count only what it gained above $8,000?
I am wondering about withdrawing from a Roth IRA. I've had it 5+ years but I'm 51 years old. I understand I can take my contributions tax & penalty free but I wonder about earnings.
Let's say I opened it with $8,000 but due to the '07/'08 recession I lost a couple grand right away. I slowly gained some of it back with earnings but i wonder: do i count the money it gained while it was under $8,000 and was going up, or do I count only what it gained above $8,000?
I am wondering about withdrawing from a Roth IRA. I've had it 5+ years but I'm 51 years old. I understand I can take my contributions tax & penalty free but I wonder about earnings.
Let's say I opened it with $8,000 but due to the '07/'08 recession I lost a couple grand right away. I slowly gained some of it back with earnings but i wonder: do i count the money it gained while it was under $8,000 and was going up, or do I count only what it gained above $8,000?
Never really though of this but the rules say you can take out what you put in so I would agree with Longarm. Interesting to see if anyone has a different opinion.
Never really though of this but the rules say you can take out what you put in so I would agree with Longarm. Interesting to see if anyone has a different opinion.
Contributions are deemed to come out first. Always. That's the rule.
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