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At DimovTax, we understand that navigating the complexities of tax rules can be challenging, especially when it comes to retirement accounts like Roth IRAs. If you’re considering an early distribution from your Roth IRA, it’s crucial to be aware of the potential tax implications.
The good news is that contributions to a Roth IRA are made with after-tax dollars. This means that your contributions are always tax-free since you’ve already paid taxes on those funds.
The earnings on your Roth IRA contributions can also be tax-free if the following conditions are met.
Taking an early distribution of earnings from your Roth IRA before reaching the age of 59½ without meeting any exceptions may subject you to a 10% early withdrawal penalty on the earnings. This penalty is in addition to any income tax due on the earnings.
What’s next?
There are certain exceptions to bypass the early withdrawal penalties. At DimovTax, we stay up-to-date with the latest tax laws and regulations. We will guide you through:
Contact us today to find out more about this topic. We are committed to providing personalized tax advice and helping you navigate the complexities of the tax code, ensuring your financial well-being.
Call us today at (866) 681-2140, email us at info@dimovtax.com, or fill out the form and we’ll get in touch immediately.
Dimov Tax is rated 5 stars on all major review platforms including Google, Yelp, Facebook, Angie’s List, Better Business Bureau, TaxBuzz, Thumbtack, Upwork, Bark, and much more.
Call us today at (866) 681-2140, email us at info@dimovtax.com, or fill out the form and we’ll get in touch immediately.
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