Rules for liquidating roth ira


21-Jul-2017 16:36

Aside from income tax and tax penalties, you may have to pay penalty fees to your account custodian when you liquidate your Roth.If you hold the money in a certificate of deposit or annuity, you may have to pay early surrender penalties that could eat up both the interest and some of the principal.If you withdraw less than the RMD amount, you may owe a 50% penalty tax on the difference.Roth IRAs have no RMDs during the owner's lifetime.

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You can liquidate your Roth and avoid paying taxes and penalties if your withdrawal meets certain IRS guidelines.

The first requirement is that the withdrawal must be taken five years or more after the account was opened.