Does a withdrawal of $10000 for 1st home purchase count against Roth IRA basis? I need to know to see how much I can take out after this $10,000 qualified withdrawal (assuming having been in the Roth IRA for more than 5 years and I'm younger than 59 1/2 years old).
In other words, let's say I have $30,000 in contributions to Roth IRA and then my account grew by $20,000 (Roth IRA stock investments) so I now have $50,000. I need some money and need to tap into my Roth IRA so I want to know how much I still can take out tax and penalty free.
Is my basis still $30,000 after $10000 for house or do I only have $20000 left for basis? I'm thinking I should still have $30000 left for basis since the $10000 house was qualified and a special case. Please let me know.