What are the withdrawal rules for tax-advantaged accounts?
An example of an AI chatbot conversation about withdrawal rules for tax-advantaged accounts.
What are the withdrawal rules for tax-advantaged accounts?
Withdrawal rules vary by account type. For example, with a 401(k), you can withdraw penalty-free after age 59½.
Are there penalties for early withdrawal?
Yes, typically there's a 10% penalty for early withdrawals from accounts like IRAs and 401(k)s, unless exceptions apply.
What about Roth IRAs? Can I withdraw my contributions?
Yes, you can withdraw your contributions to a Roth IRA anytime tax-free and penalty-free, but earnings have different rules.
How do taxes work on withdrawals from these accounts?
Withdrawals from traditional accounts are taxed as ordinary income, while Roth IRA withdrawals can be tax-free if certain conditions are met.
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