--- In taxchat@yahoogroups.com, "Debbie Wilson" <preferrd@...> wrote:
>
> My understanding is that if you are under 59 ½ and you started contributing
> five years before you take the money out, you can take your original
> investment but you pay taxes on the earnings. After 59 ½ you can take it
> and not pay any tax.
>
>
>
> Debbie Wilson
>
>
>
> From: taxchat@yahoogroups.com [mailto:taxchat@yahoogroups.com] On Behalf Of
> Robert Lukey
> Sent: Thursday, November 06, 2008 5:45 PM
> To: taxchat@yahoogroups.com
> Subject: Re: [taxchat] Early withdrawal from ROTH
>
>
>
> That's what I had been thinking. So since there was more then 5 yrs I don't
> even need to use Form 5329. I believe I was thinking to hard. Thanks for
> your response.
>
> On Thu, Nov 6, 2008 at 2:09 PM, Arnold M. Socol <waymeans@...>
> wrote:
>
> I believe If ROTH a/c is 5 or more years old there is no penalty.
>
>
>
>
>
> ----- Original Message -----
>
> From: Robert Lukey <mailto:rlukey@...>
>
> To: taxchat@yahoogroups.com
>
> Sent: 11/06/2008 3:29 PM
>
> Subject: [taxchat] Early withdrawal from ROTH
>
>
>
> I have a client who made an early withdrawal from their ROTH in 2006. Now
> I'm preparing their return. I'm confusing myself on this as I don't believe
> that there is any tax but I believe there is a penalty for early withdrawal.
> I seem to be missing something on the form 5329 that will let me enter
> what's needed there. I've never worked with an early withdrawal before.
>
> --
> Robert Lukey EA CPA
>
>
>
>
> --
>
------------------------------------
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