1

For example, I contributed $20,000 total as my principal and I made a profit of $2,000.

Can I withdraw the $20,000 before age 59 without paying tax or penalties?

  • 1
    Yes, you can withdraw contributions you made to your Roth IRA anytime without paying tax or penalty. – Hart CO Sep 22 '17 at 23:28
3

Yes, you can withdraw up to the amount of your contributions ($20,000 in this case) at any time without any tax or penalty.

Roth IRA distributions are ordered such that contributions come out first, so your first $20,000 withdrawn will consist entirely of contributions and no earnings. A distribution before age 59.5 or before you have had the Roth IRA for 5 years will be a non-qualified distribution, but even a non-qualified distribution of Roth IRA contributions does not have any tax or penalty.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.