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What considerations should I make when cashing out my roth IRA?

I would like to cash out my roth ira.

asked by sayswhat (17)

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Tags:  investing  legal

answers

If you take withdrawls from a cashed out Roth IRA, you will owe income taxes on the growth of the contributions unless you are over 59 1/2 or are disabled and not able to work. The only exception is if you take out the value of the original contributions to buy a house or go to school.

7 votes

The original contributions come out tax free, but the earnings may be taxable. Do you know how much of the IRA is contributions vs earnings? Are you over 59 1/2? Do you have other retirement monies to replace these after you withdraw?

7 votes

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