upupandaway
Recycles dryer sheets
- Joined
- Jul 22, 2019
- Messages
- 133
The title are the two thoughts that have gone through my head. My company is being acquired and this triggered a nice lump sum payment for myself. This is great and will help my FI plans however I fully funded my Roth and a spousal Roth IRA at the beginning of the year. Since I caught it in the same tax year my research leads me to believe I simply pull the contribution out of both Roth accounts and pay a 10% penalty on the earnings (I'm younger then 59.5) but avoid the 6% penalty on the contribution. Does this sound correct to the knowledgeable folks here?
PS I believe I have to claim the earnings as income
Thanks
PS I believe I have to claim the earnings as income
Thanks