FundRobot » Funding Sources » Can I withdrawal my 2014 Roth contribution already made and use the funds to buy a Traditional?

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Old   #1 (permalink)
 
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Default withdrawal my 2014 roth contribution already made and use the funds to buy a traditional

I already put some money into my Roth and after analyzing my situation i think the tax benefits of a traditional would be better. I essentially want to switch to a traditional and get the tax benefits for the 2014 tax year.

I know that Roth has no penalties on pulling out the principal, but I wasnt sure if I already used up my 2014 contributions.

Sarah69 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default withdrawal my 2014 roth contribution already made and use the funds to buy a traditional

Talk to your Roth IRA custodian.
Mary500 is offline   Reply With Quote
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Old   #3 (permalink)
 
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Default withdrawal my 2014 roth contribution already made and use the funds to buy a traditional

You might be able to just roll it over from Roth to Traditional - talk to whatever institution or financial advisor this is through. That is easier and 'cleaner' than withdrawing and reinvesting.

Yes, you can withdraw Roth contributions without penalties. That resets your limit as if you had made no contributions to an IRA for the year. So if you then want to go with a traditional, you could then put the money into a traditional.
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Old   #4 (permalink)
 
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Default withdrawal my 2014 roth contribution already made and use the funds to buy a traditional

if you have contributed for 2014 you can go to the bank where you got it and have them change it
you have not filed a 2014 tax return as yet and nothing has been reported to IRS as to what it is
Money07 is offline   Reply With Quote
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