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Amounts converted into the Roth IRA come out next, on a first-in, first-out basis, and earnings come out last. This condition is satisfied if five years have passed since you first made a contribution to any Roth IRA, not necessarily the one you plan to tap.(There is an exception, however: If you’ve converted assets from a traditional IRA or 401(k) into a Roth IRA, each converted amount has its own five-year clock.
Beneficiaries are also able to take qualified distributions after the death of the account owner.In other words: With the exception of rare and dire circumstances, it’s not worth it.For other ideas on finding cash to pay for unexpected costs, see our page on quick ways to borrow money. But you’ll want to do your homework before making a withdrawal. You can take out your Roth IRA contributions at any time, for any reason, without having to pay any taxes or penalties. In general, you can’t withdraw earnings before age 59 ½ without paying a 10% penalty.You can make penalty-free withdrawals at age 59 ½, for instance, but if you were 58 when you made your first contribution, you’d need to wait until age 63 to withdraw any earnings.
If you take an early withdrawal from a Roth IRA, contributions come out first, which is a rare move by the IRS to make things easier on you. Trouble is, the IRS’s definition of a qualified distribution is narrow, and a distribution of earnings before age 59½ probably won’t meet it.