Can I withdraw a contribution I made to my traditional IRA account without tax consequences?

IRAs, Taxes
Sort By:
Most Helpful
6 days ago
0% of people found this answer helpful

If you contributed to your traditional IRA with after-tax dollars, your tax-return from the appropriate year should reflect that.  You need to use this tax-return info to not pay tax on the contribution.  You will need to pay tax on any gain you make when these dollars are withdrawn.  You will also need to pay attention that you are satisfying withdrawal time requirements so that you don't pay penalty on early withdrawal.  It is said that if you contribute to your traditional IRA with after-tax dollars, find a suitable time by working with your accountant, if necessary, to see when you can convert the traditional IRA to Roth IRA.  You will also need to work with a good financial advisor to make this transition to make the most of your money.

1 week ago
1 week ago