Hi,
I started two ROTH's with some spare change last year for my wife and I, only to find they have the same obnoxious restrictions as a 401k. Looks like the mutual fund companies pushed Congress into preventing us from moving things around 'too frequently', 'for our own good'. At any rate I'd like to pull them out. Additionally I contributed for both 2006 and 2005, and this year as it's turning out my income will go over the max for a ROTH (not sure what'll happen with that ...)
At any rate, there's little gain at this point, my understanding is that the principle comes out penalty free (duh! I already paid taxes on it), and the gain will get ordinary income +10%. Any gotchas?
I started two ROTH's with some spare change last year for my wife and I, only to find they have the same obnoxious restrictions as a 401k. Looks like the mutual fund companies pushed Congress into preventing us from moving things around 'too frequently', 'for our own good'. At any rate I'd like to pull them out. Additionally I contributed for both 2006 and 2005, and this year as it's turning out my income will go over the max for a ROTH (not sure what'll happen with that ...)
At any rate, there's little gain at this point, my understanding is that the principle comes out penalty free (duh! I already paid taxes on it), and the gain will get ordinary income +10%. Any gotchas?