I would like to withdraw the money from my Roth IRA account. But I have the following concerns, before I make the decision.
Will there be fee, charge, or penalty if I withdraw the money from Roth IRA?
Should I try my best to keep the money in Roth IRA till I reach 60, or is there no disadvantage that I withdraw it now?
Relevant information:
I opened the Roth IRA account more than 5 years ago, which was then migrated to another brokerage company which acquired my original one.
I haven't contributed to the Roth IRA account in the last 5 years.
the balance in my Roth IRA is less than $4000.
I have sold out all the mutual funds I have bought 2 years ago. The money in my Roth IRA has been in "FDIC INSURED DEPOSIT ACCOUNT CORE NOT COVERED BY SIPC" (I didn't put the money in it, so it is a default).
Considering tax, when is it better for me to withdraw the money, this year or next year?
Relevant information:
I used the money in the account to buy mutual funds. I sold all the mutual funds two years ago, and at that time I had lost 1/4 of the money. The money obtained has been staying the same in the deposit account core since.
The current balance in Roth IRA is less than the total I have put into, because the mutual funds that I bought didn't perform well, so I think I have net capital loss.I don't have income this year, so my tax this year will be zero. But suppose I will have income next year, so my tax next year will be more than zero.
Can the capital loss offset tax, so is it better to withdraw it next year than this year?
What if it were a traditional IRA account?
Thanks.