if someone under age 59 1/2 wants to take money out of a Traditional IRA, they would have to pay a 10 % penalty and taxes. But what if they converted the Traditional IRA to a Roth IRA first? (and they can maybe convert only the amount they need). Then – as I understand Roth IRAs – there is no 10% penalty to withdraw from a Roth. Is this true?
Also, Can you w/d from a Roth anytime without incurring or do you have to wait 5 years after conversion?
Before you dems get too riled up, consider: FDR confiscated gold during the depression. He paid people with US dollars, which he promptly devalued:
http://www.fgmr.com/confiscation.htm
Facing a worsening liquidity crisis, do you worry that Obama would confiscate our retirement accounts, giving us a devalued promissory note in return?
Then people could use their own money to make ends meet, cover expenses after unemployment runs out or transfer funds from losing mutual funds to pay down high interest credit cards and 2nd mortgages.
They always talk about our money… we’ll it’s mine and I need it NOW!!!
Yes, I know this would be like a run on the bank, but they don’t deserve to be trusted with our savings any more !!!!!!!!!!!!!!!!
I have two different IRA accounts with over 5K in each one. Is it possible for me to withdraw $5K from each account or should I consolidate them first then withdraw $10K ?
My father is trying to pay for my sisters education.I know that we can withdraw money for college from Roth IRA.Is it the same for the Traditional?Any references are more than welcome.Thanks a lot!
I have Roth and Traditional IRA accounts and I exceeded my Roth limit, so I wanted to transfer some funds into my Traditional IRA account. Does anybody know if it is at all possible and if yes, what is the right way to do it?
What is the way for me to file it on a H&R Block DeductionPro?
I am allowed a $5000 Roth contribution. I want to take $2000 from my traditional IRA and convert it into an existing Roth IRA. Can I put in $5000 PLUS the $2000 conversion, or does the conversion limit my contribution to only 3000 additional dollars this year?
I have contributed the $4000 annual limit to my traditional IRA, and I just remembered that I also rolled over about $1500 from my last employers 401k plan. Will I be penalized for going over the annual limit?
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