ST Alpha - "Doesn't work like that, I'm afraid -- (edited)" (Reading a Post)

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In response to "Going off this. Can I use the Roth money to pay the tax? So you pretty much I can pull my initial amount of tranfer out of the Roth to pay the tax?" by James Bond (aka Igor)

Doesn't work like that, I'm afraid -- (edited)

Posted by znufrii May 27 '16, 10:05

Iinm, If you pull out a Roth contribution within a year, it's treated as if it was never made, and you'd owe a 10% penalty on top of taxes due, on the amount you didn't roll over.

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Oh.. hmm -- nm - James Bond (aka Igor) May 27, 10:08 1
- You don't have to do it all at once, afaik -- nm - senor dentista May 27, 10:12

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Doesn't work like that, I'm afraid -- (edited)

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