[Adam]

Why are you trying to pull out contributions from the Roth in the first place?

[Juliana]

Not to worry! The financial institutions you have had your Roth IRA accounts with over the years should have been reporting your contribution amounts directly to the IRS each year when they submit Form 5498.

So the IRS will have your contribution amount on file without your having to do anything.

If you log into your account on irs.gov, you can download your Wage & Income Transcripts going back about 10 years.

(If you haven’t created an account yet, just be forewarned that the ID.me verification process is a bit of a slog!) And yes, the 5-year clock doesn’t reset if you roll a Roth IRA from one institution to another.

[Philip]

You can withdraw Roth contributions 5 minutes after you put them in, if you want to.

Earnings have the 5 year waiting period.

All withdrawals are considered contributions until they are all gone, then what is left is earnings.

That’s why you are required to keep track of your contributions…

[Rick]

The all roth all the time mantra glosses right by this one – how do you prove you have completed (long ago) the first of the 5 year rules.

Good news is the irs requires nearly zero proof on this.

And yes you may have to over verify this one day, like a pita mortgage lender makes you do to get a mortgage, but as you describe it, you are just fine.

Don’t stress get back to saving and investing.

[Lexi]

Robinhood might claw back the bonus if you withdraw before 5 years depending on what were the terms of whatever you signed up for..

The 5 year period for ROTH IRA I think carries forward to the new brokerage from the date you first opened that type of account..

[Author]

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