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D
dhseneca
May 6, 2022
Question

Closing my Roth IRA Account

  • May 6, 2022
  • 1 reply
  • 0 views

So I just set up a Roth IRA account through Betterment this year (2250 in contributions so far), and a recent pay raise is going to put me over the individual income limit.

 

I know you can withdraw contributions tax-free/penalty-free and right now because of the market, my account balance is lower than my contribution rate (balance is 2,100) so no earnings.

 

So confirming - if I close my account now I won't owe any taxes, correct? Will I still need to submit an 8606 form to the IRS? 

1 reply

Critter-3
Critter-3
May 6, 2022

Correct. 

    D
    dhsenecaAuthor
    May 6, 2022

    Will I still need to submit an 8606 form to the IRS with no earnings? 

    Critter-3
    Critter-3
    May 6, 2022

    You would have no reason to file an 8606. Simply request a return of the contributions. 

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