I understand the rules of withdrawing from a Roth IRA, including withdrawal of contributions. But how does it work in practice?
We changed brokerages 5 years ago after maxing our contributions for the last 20. We don’t have the records.
We’re on track to meet our goals without issue, including if we withdraw the amount we’re considering.
We’d take from the regular brokerage first and possibly a TSP loan of $50,000. But even after taking these funds, we’re probably going to be $100k short, which could be covered by withdrawing Roth IRA contributions, or just take a higher mortgage. We wouldn’t need to have PMI.
Right now we’re exploring options, we’re a few years from buying unless the perfect house came available at the right price.
We’re not going to move there full time or sell our current home for another decade, this would be a second home and future residence.
I’m not looking for the usual “NeVeR wItHdRaW from YouR IRA!!!” Responses, we’ve done the planning, I just don’t quite understand the logistics / record keeping to make sure we’re only withdrawing contributions. I don’t want the IRS on us.
We changed brokerages 5 years ago after maxing our contributions for the last 20. We don’t have the records.
We’re on track to meet our goals without issue, including if we withdraw the amount we’re considering.
We’d take from the regular brokerage first and possibly a TSP loan of $50,000. But even after taking these funds, we’re probably going to be $100k short, which could be covered by withdrawing Roth IRA contributions, or just take a higher mortgage. We wouldn’t need to have PMI.
Right now we’re exploring options, we’re a few years from buying unless the perfect house came available at the right price.
We’re not going to move there full time or sell our current home for another decade, this would be a second home and future residence.
I’m not looking for the usual “NeVeR wItHdRaW from YouR IRA!!!” Responses, we’ve done the planning, I just don’t quite understand the logistics / record keeping to make sure we’re only withdrawing contributions. I don’t want the IRS on us.