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Ask The Expert: Withdrawals

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

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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