xpost - 100% of my IRA contributions have been illegal/excess. I need advice

Discussion in 'Personal Finance' started by StockJock-e, Apr 4, 2016.

  1. StockJock-e

    StockJock-e Brew Master
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    Kicking off the personal finance section, Im just bringin over some interesting topics I recently read on reddit:

    Originally posted by the_nin_collector

     
  2. StockJock-e

    StockJock-e Brew Master
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    Top response from u/yes_its_him

    "You can withdraw the 2015 and 2016 contributions prior to the tax deadline with no penalty.

    https://www.irs.gov/Retirement-Plan...yee/Retirement-Topics-IRA-Contribution-Limits

    Since your 2014 money was a Roth contribution, there is no penalty for withdrawing the contributions, either, but you could have to pay the 6% penalty for having no earned income. You wouldn't be double-taxed on it."
     

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