I’m trying to decide if I should max my Roth IRA accounts. How does Roth IRA works for first home? I have 2 Roth IRA account that I can contribute to: 1 from Chase with $6k per year, 1 from Fidelity with 10% of salary (Amazon perk). I read on Internet that your can withdraw your gain with no tax nor penalty if the contribution is 5+years and for first home purchase. 1. Does it apply to both of my accounts? 2. Does first home mean: first home using the Roth IRA account or first home on my life? Because if it’s the first one, I can save it to buy my second home instead for more gains with no tax. TC: $170k #personalfinance #investments #amazon #homeadvisor #ira
I thought you could withdraw your principal (not gains) without penalty after 5 years.
Correct, although there’s a qualified withdrawal of up to like 10k of gains for first home purchase I think?
And first home purchase definition is fairly flexible. I think it means you haven’t owned a house in the last 3 years or so
You can withdraw your contributions at any time in a Roth IRA. Source: https://www.schwab.com/ira/roth-ira/withdrawal-rules
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🤦♂️ Unless Amazon offers backdoor to Roth, which it doesnt, you cant contribute to it if you make over 137k Had to stop a long time ago because 😏
roth IRA backdoor doesn’t come from employer. you just open your own traditional IRA and convert to Roth. Employer only affects megabackdoor, which is making post tax contributions to your 401k and then converting to roth
🍎's right