What are the conditions for withdrawing money from Roth IRA without taxes or tax penalties?
The basic conditions are that the withdrawal occurs after the fifth taxable year for which the initial contribution was made, and that the withdrawal occurs because of death, disability, to cover expenses up to $10,000 associated with a first home purchase, or attainment of age 59½. (Note: Withdrawals of substantially equal periodic payments, medical expenses greater than 7.5% of Adjusted Gross Income, health insurance for certain unemployed or qualifying educational expenses, are subject to federal income taxation but no tax penalty).
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