May
8
Roth IRA Conversion Help!.need my money?
Posted In: Personal Finance by admin
Ok, Here is my question Follow this:
back around two years ago, I CONVERTED my traditonal self-directed IRA to a ROTH IRA. I initially started with about 23,000 or so when I did the conversion. I have been adding money for the past 2 roughly years. NOW, I want to take that money from the ROTH IRA and place it into a regular savings type account such as my online savings account (Emigrant to be precise) for the purchase of a first home. I know that I can get to 10,000 of it with no problems, but I want to be able to get at all of it.
My rationale is this: I ALREADY PAID TAXES ON THIS WHEN IT WAS CONVERTED, WHY DO I HAVE TO PAY AGAIN?….or do I? now the money I have gained since I converted..ok..I can understand I may have to pay money on that…(I can leave some of it in there)..
BUT SHOULD I NOT BE ABLE TO GET AT MOST OF IT WITHOUT ANY TAX OR PENALTY ISSUES?…..sorry for the caps…HELP!!!