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A Roth IRA is an individual retirement account which varies from traditional IRAs in a few different ways. For example, contributions to this type of account are not tax-deferred or tax deductible, and withdrawals are for the most part tax free. Contributions are capped at $5,000 per year for an individual under 50, and $6,000 for those over 50.

If you are over 59 and one half years old and have had your account open for at least 5 years, withdrawals from your account can be made without a Roth IRA withdrawal penalty. If you attempt to withdraw from your account prior to turning 59 and a half, there will be an early Roth IRA withdrawal penalty of 10% of investment gains withdrawn. If you withdraw early, you will not have to pay any taxes or fees on the money have put in. For example, if you put $5,000 into your Roth IRA, and the account eventually grows to $8,000, your penalty would only be $300 ($8,000 – $5,000 * 10%) if you withdraw early.

You should also keep in mind prior to withdrawing from your account that beyond the withdrawal penalty, you will hamper your future retirement nest egg by missing out on years of compound interest.

While there are early withdrawal penalties, there are many exceptions which allow withdrawal without having to endure a Roth IRA withdrawal penalty. Withdrawals are allowed for those below the retirement age if one of the following situations occurs: the IRA owner becomes disabled or dies, the withdrawal is used to pay back taxes to the IRS, the withdrawal is used towards a first time home purchase ($10k max), the withdrawal is used to fund for higher education.

Roth IRA Withdrawal has some great information for people who want to turn what they love into cash.

Specifically, try out this: Roth Withdrawal Penalty.

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