Question

Roth IRA Withdrawl (was converted from a Traditional IRA)

Forum|Forum|5 years ago
February 22, 2021
1 reply
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I converted a traditional IRA to a roth about 20 yrs ago (back when you could spread the tax out over 4 years)

If I withdrawn all the $ from the IRA is the cost basis considered to be the amount that I paid tax on and is also considered to be my contribution amount?

I converted/paid tax on 34k. That is now worth 27k. I assume I can take out the 27k without penalty/tax?

M

MinhT1

As the balance of your Roth IRA is now less than the amount converted, you can withdraw the whole amount without tax or penalty as it is considered as a withdrawal of amounts contributed.

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