Am I taxed for withdrawing my original contribution to a Roth IRA?

Answer by  Kdm (180)

The simple answer is no. And as long as you hold your Roth for at least five years, then you will not be taxed on the interest gained either.

Answer by  cgroverla (516)

A contribution to a Roth IRA may be withdrawn at any time without tax or penalty. However, amounts which are converted to a Roth IRA from a traditional IRA, 401k, or similar plan, must remain in the Roth IRA for five years before tax-free withdrawals can be made. Such distributions taken before five years are subject to a 10% penalty.

Answer by  Att4372 (1704)

No tax on Roth withdrawals, but a 10% penalty for early withdrawals, that is, withdrawals before age 59 1/2. No penalty for allowed withdrawals, like 10K for new home purchase.

Answer by  worker2746 (2434)

You will pay a large penalty for withdrawing your contribution from an IRA - unless this is a qualified expense.