Comments on: Roth IRA Penalties http://www.qwoter.com/college/retirement-investing/roth-ira-penalties.html Tue, 06 Dec 2011 17:51:13 +0000 hourly 1 By: will greer http://www.qwoter.com/college/retirement-investing/roth-ira-penalties.html/comment-page-1#comment-9332 will greer Mon, 27 Jun 2011 18:48:57 +0000 http://www.qwoter.com/college/?p=1444#comment-9332 I was born on June 16, 1953. I opened a Roth IRA in 2008 with a $5500 deposit and followed it in 2009 with $6000 making a total basis of $11,500. In Feb 2011 the balance was $11,614. I withdrew prematurely $2700. I converted $2700 from a Trad IRA within 60 days back into the Roth - stupidly - to avoid the 10% penalty on that earlier withdrawal. I say stupidly because I now owe FIT on the $2700. OK - fine. Live and learn! Now my Roth IRA has a balance of $11,614 as I said. I just turned 58 this year. I want to know how much tax I would owe if I withdraw the present balance of $11,614? I think I owe tax on the $2700 that I converted and the $164 I gained since 2009. Is that correct. Do I owe the 10% penalty on the whole $11,614 or just the $2700 and the $164 or what? Thanks I was born on June 16, 1953. I opened a Roth IRA in 2008 with a $5500 deposit and followed it in 2009 with $6000 making a total basis of $11,500. In Feb 2011 the balance was $11,614. I withdrew prematurely $2700. I converted $2700 from a Trad IRA within 60 days back into the Roth – stupidly – to avoid the 10% penalty on that earlier withdrawal. I say stupidly because I now owe FIT on the $2700. OK – fine. Live and learn!

Now my Roth IRA has a balance of $11,614 as I said. I just turned 58 this year.

I want to know how much tax I would owe if I withdraw the present balance of $11,614? I think I owe tax on the $2700 that I converted and the $164 I gained since 2009. Is that correct. Do I owe the 10% penalty on the whole $11,614 or just the $2700 and the $164 or what? Thanks

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