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Roth IRAs are a special type of individual retirement account that does not offer a tax deduction for contributions, but does not tax earnings as long as the distributions are qualified.
Contributions
You are allowed to withdraw your contributions to a Roth IRA at any time without penalty.
Time Frame
You must wait at least five years from the time you open your Roth IRA account before you can withdraw the earnings without paying a penalty.
Age
If you are at least 59 1/2 years old, your withdrawals are qualified as long as you meet the five-year requirement.
First-Time Home Purchase
You can withdraw up to $10,000 of earnings without penalty if you use the money to purchase your first home.
Death or Disability
If you suffer a permanent and incapacitating disability, your withdrawals count as qualified distributions. In addition, if you die, your heirs may take qualified withdrawals even if you were not 59 1/2 at the time of your death.
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