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Ask The Expert: Withdrawals

Q:
Asked by Melissa 10/22/12

If I put $5000 into a Roth IRA today and decide I want to use that money as a down payment for a house next month or next year, can I withdraw my original contribution without penalty?

Matthew Malone A:
Answered by Matthew Malone 10/24/12
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67 out of 68 people found this useful.

With a Roth IRA, you can withdraw contributions at any time, without penalty. Earnings can be withdrawn tax- and penalty-free as long as the account has been open for more than 5 years.

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