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Roth IRA/401k withdrawal for REI - Need Tax Help
Hi All - I am 31 years old and found a duplex with a lot of upside but it has to be a cash purchase. I want to pull money from my Roth IRA but want to do it correctly so I don't get hit with taxes and penalties. I am 31 years old.
Retirement savings history: I started contributing to my company's Roth 401k option in 2010. I left that job in 2015 and rolled the money into a Roth IRA. Are these contributions eligible for withdrawal without tax and penalty? If so, how do I find out my contributions versus the growth so I don't pull from any growth? In 2015, I opened a Roth IRA with Charles Schwab and started contributing. How can I find out how much I've contributed here and is this eligible for withdrawal without tax and penalty?
Thanks in advance for the help! I only have about a week to get the funds together and my tax guy is slammed right now so I haven't been able to reach him.
Most Popular Reply
@Michael Forbes that is such an important question you absolutely need to seek an expert. Contact a well versed CPA or your IRA manager. In my experience I have had many clients buy property in a self directed IRA. They have moved their traditional IRA money to an SDIRA management firm and bought real estate through the SDIRA. But again before you do anything seek out some experts. Best wishes to you.