Announcement

Collapse
No announcement yet.

ROTH IRA's and 5 year penalty clock

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    ROTH IRA's and 5 year penalty clock

    I have a client who has held a roth for over 5 years. I want to roll her money into a roth account that I control, but she will want to withdraw the money in 3 years for a first time home buyer's house. So if I rollover her roth to my account, will that restart her 5 year clock for earnings penalty?
    Tags: None
    #2
    No, it is from the time har original Roth is first set up. Besides, she can always take out her basis tax and penalty free.

    Comment

    Previous template Next

    Disclaimer

    Collapse

    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

    Working...
    X