The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: Tyson on December 11, 2017, 11:26:50 AM
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Hi all, I've got about $13k in a Roth IRA that I set up for my wife and we have been contributing to for the past few years. It's got $11k that we contributed directly, plus about $2k in growth.
My wife is starting a business (as a realtor) and needs the $11k to set up cover her startup and business expenses. How can she withdraw the $$ with the least amount of tax/penalty implications?
I haven't read up on this, so treat me like I'm a newbie :) Thanks!
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you can take money out of a roth that you put in whenever you want with no tax implications.
https://www.schwab.com/public/schwab/investing/retirement_and_planning/understanding_iras/roth_ira/withdrawal_rules
I'd recommend looking for other options for this even short term financing thru a HELOC before i'd pull my money out though.
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You can take your Roth IRA basis (what you've put in) out at any time , tax and penalty free. As boarder recommends - it is probably better to get this money some other way since you can't put it back in to the Roth.