You just need to know what the total of your contributions are. Say you invest $10 per year for 5 years. You will have invested $50. If that money has gained 50%, then you would have $75 in the account. You can withdraw up to that $50 at any time without paying tax on it because that money has already been taxed. It doesn't matter which dollar bill they send you as they are all mixed together buried under the same mattress.We probably will not have to rely on that money before 2029. Would I be able to stipulate to Price or if the money is transferred to Fidelity that I would only want the money I had contributed not the earnings? Can they difereniate between the two or as long as I don't take out more than I contributed it doesn't matter? (sounds like a dumb question when I ask it that way) I'm assuming what is contributed and what is earnings is tracked.
I see what you mean I think. Its not a penalty but just a tax on the money earned. After the 2029 period it would not be taxed at all?
Statistics: Posted by WeakOldGuy — Tue Feb 25, 2025 1:19 am — Replies 6 — Views 1355