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D
dpfromm
January 29, 2025
Question

If you open and close a Roth account in less than a year, what may happen?

  • January 29, 2025
  • 1 reply
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    1 reply

    B
    BrittanyS
    January 29, 2025

    Roth IRA's have a 5-year rule.  The 5-year rule states there must be 5 years from your first contribution and your withdrawal of earnings.  If you withdrawal prior to 5 years, you can be charged an early Roth IRA withdrawal 10% penalty.  For more information on Roth IRAs, see the link below:

     

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