Alright, I've asked about this once before, but this time it's a little more indepth.
I have a ROTH 401k invested with Fidelity, balance a hair over 31k, and I have 29k vested.
Now, my question:
If I roll this ROTH 401k, the 29k of my vested amount, into a ROTH IRA, do I have access to the contributions without penalty? Not the interest earnings, as my understanding is those would be penalized/taxed if withdrawn. I'm curious on if I withdraw amounts that I contributed, am I taxed or penalized? I'm 28, if that matters, and have another 401k that was 11k in it.
And no, I'm not planning on withdrawing from it, I just want to know, and there is a reason why.
And, that reason, because I'm sure someone will ask, is that my family farms, and there will be a piece of ground, sometime in the next 5-10 years, that will most likely be sold. It's likely that it will be offered to the 3 of us (siblings) first, and if that's the case, and I don't have the cash set aside, I'm just wanting to know my options, and to get my funds where they need to be. The land would be an 80 acre piece, and probably sell for $6,000 - $8,000 an acre (depending on what commodities to between now and then). Obviously, I'll need a lot more cash set aside than we currently have, and this might totally end up being hypothetical and the guy puts it to auction or leaves it to someone when he passes, but there are always variables.
