Oct 5, 2015
10:32:00am
10:32:00am
My wife forget about a Roth IRA her mom set up for her in 2008,
Her mom originally deposited $1,000 to open a Roth IRA in 2008. She just remembered and it now has $3,000.
We both have our own retirement accounts we save into and she was wondering if she could just withdrawal the 3k. Would we be penalized and taxed on the 2k in earnings? Would be the previous 1k be tax and penalty free?
What is the usual tax rate for such withdrawals?
We both have our own retirement accounts we save into and she was wondering if she could just withdrawal the 3k. Would we be penalized and taxed on the 2k in earnings? Would be the previous 1k be tax and penalty free?
What is the usual tax rate for such withdrawals?
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- JohnnyB
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