I just found $3,000 in a Roth IRA... can you help me?

The ordering rule for Roth IRA withdrawals is contributions first, then earnings, if any. That said, if your Roth IRA is worth less than the contributions you made to the account, you can pull the money out with no tax or penalty, as it's simply a return of your after-tax contributions.

If it's valued more than your total contributions, it's contributions out first (tax-free), and earnings are taxed as ordinary income plus a 10% IRS early-withdrawal penalty UNLESS you're age 59 1/2 or older, and the Roth IRA existed for more than five years.

Hope that helps.

Disclaimer. The information in this response is for general purposes only, and shall not be construed as specific tax, legal, or investment advice for any individual. The questioner is urged to contact their own professional advisors before implementing any tax or investment strategy.

Are you within the industry of marketing stuff on e-bay? Do you purchase and promote for this cause? If so, dossier a Sch C and SE, which each connect to Form 1040. The web revenue may also be contributed to a Roth. If you're simply promoting things you already possess on e-bay, then you definately document any units you offered at a benefit on a Sch D. That revenue could now not be earned revenue so could now not rely towards Roth contributions. I admire your eagerness however are not making up fake revenue for this cause. Look for a side-time process and you'll use that revenue to justify a Roth for 2009.

Is it in fact a ROTH IRA or a conventional IRA? Big difference.

It all depends on the type of IRA,is it Tradional or Roth

Best bet call the tn# listed and ask them what kind it is and what penalties they would be able to answer your question better than we can.

You'll have to pay about 40% in taxes if you take it out before

age 59 1/2, so you'll want to leave it alone.