Allstocks.com's Bulletin Board: Roth IRA Questions

This is topic Roth IRA Questions in forum General Investing Topics at Allstocks.com's Bulletin Board.

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Posted by 32counter on :

Thanks for all the great info here. A few questions.

I have opened a Roth and contributed 4000 this year. Can I withdraw 2000 to pay property taxes and then replace that money later in the year?

Are there no wash sales in a Roth IRA if you don't withdraw any earnings until the specified time (not sure if it is 69.5)?

Thanks

Posted by Machiavelli on :

me not sure about that... you can check on www.fairmark.com

Posted by metal1 on :

yes, you can withdraw and replace but only for contributions made in that tax year. see IRS pub 590 (p.65) for details. the IRS website is pretty good. best place to look. wash sale rules don't apply to in and out trades within retirement accts for obvious reasons, but selling for a loss in a non retirement acct and buying back in a retirement acct (inside the 30 day window) would dissallow the loss. IRS.GOV

http://www.irs.gov/pub/irs-pdf/p590.pdf

Posted by 32counter on :

Thanks for the help guys.