Roth IRA withdrawal under 59

Submitted by Rigo D on Wed, 2022-02-09 23:22

Hi
I just made a Roth IRA and contributed $6k for 2022.
If for example I double the money and there is now $12k in the account.
Can I withdraw $6k with no penalty ?
And can I also deposit the $6k back in at anytime this year ?

Thanks



Submitted by Alan - IRA critic on Thu, 2022-02-10 00:59

Yes, you can always withdraw your regular contributions without tax or penalty. You can roll a distribution back within 60 days but only once within a 12 month period. Be sure to keep track of your Roth contributions as you will need to know your total in order to report distributions on Form 8606.

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