Withdrawing Money from Roth IRA

Simple answer is Yes.  Yes you can withdraw money from your Roth IRA whenever you want, however there might be penalty based on how much you withdraw before you turn 59.5 years.

After 59½ years old, and at least 5 years since you begin contributing, you can take “qualified distributions” without penalty.

You may withdraw your original contributions penalty-free at any time for any reason, but you have to pay a penalty on withdrawing investment earnings before age 59.5 year, Money that was converted into a Roth IRA cannot be taken out penalty-free until at least five years after the conversion.

Here is an example: Let’s say you have $100,000 in Roth IRA, $50,000 of which are contributions and $50,000 of which are investment earnings. If you withdraw $50,000, then IRS will consider $50,000 and there won’t be any penalty.  However if you withdraw $55,000 then $50,000 is penalty free and you will have penalty on $5,000.

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