Roth Withdrawals
If taxpayer is under 59 1/2 contributes $5,000 to a Roth account in May and 6 months later when it has grown to $5,500 withdraws $5,000. What are the tax consequences in these three situations:
1. The amount was contributed and withdrawn from a Roth IRA?
2. The amount was contributed and withdrawn from a Roth 401(k)?
3. The amount was contributed to a Roth 401(k) then converted to a Roth IRA and then withdrawn from the Roth IRA?
No other factors such as first time purchase of home, etc.
Thanks
Submitted by Barry Dreayer on Wed, 2024-12-04 10:55