Rethink Your Rollover

Posts Tagged ‘breaks’

Roth IRA deadline 2008

Question: Can I withdraw my contributions from Roth IRA tax free?

I opened a Roth IRA account with Ameritrade in february 2009. I have contributed $5000 for the 2008 tax year (before april 15th 2009 tax year deadline) and $2600 for this tax year. I was trading stock with my Roth IRA and got some earnings.
Question: Can I withdraw my contributions ($7600 total) penalty and tax free? Would I need to fill out any IRS forms?
I urgently need that money.
Big Thanks to anyone who gives a well informed answer.

Answer: holding period for Roth is five years
you can probably take out the $2600 contribution for 2009 since the deadline for contribution has not been reached