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Video instructions and help with filling out and completing simple ira withdrawal rules
Well I hope you don't have to do it but if you clicked on this video then chances are you're wondering hey what's it going to cost me to take some money out of my Roth IRA a bit early let's talk about it now lucky for you the Roth IRA is more flexible than most of the other types of IRAs and a lot of times you just have to pay a little penalty and you'll be on your way however there are times you could take money out of the Roth IRA penalty free because remember that you're contributing to a Roth IRA with money you've already paid taxes on see the IRS is main concern is that you pay money on any earnings that you have any income that you have well remember with a Roth IRA you have a job you get paid you pay taxes and everything left over is what you can contribute to a Roth IRA so essentially you already pay taxes on the money that you're contributing to the Roth IRA now because of that they generally don't care if you contribute some money and you change your mind you decide you want to take it back out as long as you're taking out the money that you owe that you've contributed right then you can do that usually with no penalty and no taxes however anything over and above whatever you've contributed well that's earnings or growth and any type of earnings the government of course wants their taxes on now as long as you follow the rules you can generally take out any of your contributions tax-free and penalty free there are a few rules let's talk about those here now the first rule is called the five year rule to take out money from your Roth IRA just has to be five years from the point that you opened it actually there's a little bit of a gift here that the IRS gives you in the fine print that many people don't even notice so right now let's say it's June 2021 when you're watching this video if you open your Roth IRA let's say in December of 2021 well it's not quite five years right but if you look in the fine print with what the IRS says about those withdrawals they actually start the five year period on the calendar year beginning of the year that you open the account I know it's like weird language and everything but follow me here for a second if you open your Roth IRA on December of 2021 and right now it's June 2021 we haven't quite got to that five year period however the IRS is not going to take December as the starting point they're going to take January 2021 as a starting point well with that little gift magically now it's been five years and you can take money out penalty-free well I hope that you.