Quote:
Originally Posted by Nightfyre
I don't believe you can withdraw contributions penalty free, as any withdrawal from a Roth is a distribution. So if not a qualified distribution, it would be subject to the 10% penalty, though not taxes unless you got through all your contributions.
https://www.irs.gov/publications/p59...link1000231061
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You can withdraw your contributions tax free (since you paid taxes on that money already) at any time after 5 years from your initial contribution. You get taxed a penalty if you withdrawn your gains, however.
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A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and