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Assumning you are in the same tax year or have not yet filed your tax return for the tax year in which you made the IRA contribution, yes.
From IRS Pub. 590 (2008), Individual Retirement Arrangements, adjusted to reflect 2009 tax year dates:
If you made IRA contributions in 2009, you can withdraw them tax free by the due date of your return (April 15, 2010.) If you extend your 2009 return, you can withdraw them tax free by the extended due date (October 15, 2010.) You can do this if, for each contribution you withdraw, both of the following conditions apply.
You did not take a deduction for the contribution.
You withdraw any interest or other income earned on the contribution. You can take into account any loss on the contribution while it was in the IRA when calculating the amount that must be withdrawn. If there was a loss, the net income earned on the contribution may be a negative amount.
In most cases, the net income you must withdraw is determined by the IRA trustee or custodian.
See the attached links for more info.
What else can I help you with?
What are the differences between a traditional 401k and a Roth 401k in terms of tax implications?
The main difference between a traditional 401k and a Roth 401k is how they are taxed. Contributions to a traditional 401k are made with pre-tax dollars, meaning you don't pay taxes on the money you contribute until you withdraw it in retirement. On the other hand, contributions to a Roth 401k are made with after-tax dollars, so you pay taxes upfront but can withdraw the money tax-free in retirement.
Does Bank of America in Makati Philippines have an ATM and can you withdraw in dollars?
No, there is no ATM machine in Bank of America in Makati, Philippines. Yes, you can withdraw dollars as long as your have dollar money in your deposit.
Can you withdraw a million dollars from a bank?
Yes, the Bank may need notice to ensure they have the cash available, and of course you must have the money in your account in order to withdraw it.
How do you get 40 dollars to your house in an hour?
Go to a bank or ATM machine which is at most 30 minutes away and withdraw 40 dollars!
Which integer represents a gain of 11 yards in a football game?
a withdraw of forty dollars from the ATM
What is the budget of Capital School District?
The budget of Capital School District is 93,108,292 dollars.
what do I pay in capital gains for 70,000 dollars ?
If I get a severance package check for $120,000.00 how much is withheld in taxes, I live in NY? what do i pay in capital gains on 100000.00 dollars
What is the budget of Capital Area District Library?
The budget of Capital Area District Library is 10,625,814 dollars.
What is the currency in Washington D.C.?
US Dollars as it is in USA-it is the capital
What is the GNP per capital of Cuba?
234,678,995,000 us dollars
What does the compound interest refer to?
It means that the interest is added to the capital, before calculating the interest for the next period.For example - to simplify calculations, I'll use a 10% interest rate, and an initial capital of 1000 dollars:With simple interest, you get 100 dollars every year, 300 dollars in 3 years (for a total capital of 1300 dollars).With compound interest, the first year you get 100 dollars interest (10% of 1000).This is added to the capital, so you have a capital of 1100. Next year, you get 10% of 1100 in interest, i.e., 110 dollars.Now, your capital is 1210 dollars. The third year, you get 121 dollars capital.After 3 years, with compound interest, you have a capital of 1331 dollars.This calculation is simplified with powers: Every year, your capital increases by a factor of 1.1, so after 3 years, you have a total of 1000 x 1.1 x 1.1 x 1.1 = 1000 x 1.13 dollars.
What is the GDP per capital haiti in 2012?
7,85 billiion dollars
