I don’t think you’re missing anything. It’s just the loss of tax-free

Sep 30, 2024
10:08:42am

RBLegend Playmaker

compounding. Obviously there is a tax reporting aspect as well. You’ll receive a 1099R and you or your CPA will need to be sure to report it as nontaxable.

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RBLegend

Previous username: VenturaCoug
Bio page: RBLegend
Joined: Oct 1, 2014
Last login: Sep 30, 2024
Total posts: 1,321 (1 FO)

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Messages

Author

Time

I am wanting make a withdrawal from my Roth IRA, any reason why I should not?

kosmokramer

10:04am

What you’re missing is you’re depriving yourself of compounded gains on that

valleus

10:06am

Isn't there a 10% penalty, or something like that?

Ragnar Danneskjold

10:07am

Not for Roth contributions

RBLegend

10:09am

Not for certain reasons…

NorCal_Coug

10:09am

You can pull out Roth contributions for any reason you want.

RGGeemer

10:09am

That's only gains. You can take out contributions penalty free for anything. After 5 years.

Mr. Belding

10:50am

Because you will retire one day and will probably need money.

Sea Chicken

10:08am

I don’t think you’re missing anything. It’s just the loss of tax-free

RBLegend

10:08am

Can you do a 401k loan? I would recommend that if that’s an option

palangi

10:10am

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