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Ask The Expert: Withdrawals

Q:
Asked by Sharry 12/3/15

I am 63. If I close out my Roth IRA is it considered taxable income?

A:
Answered by John Baumer 12/4/15
See other answers from this expert.
228 out of 229 people found this useful.

The Roth IRA allows you to withdraw original contributions at any time without taxes or penalties.  If you decide to close a Roth IRA, your earnings will not be taxed if you have held the Roth for five years and have reached age 59 1/2.  Contact your IRA custodian and make sure those earnings have met the five year time frame.

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