My question is this: can I withdraw some of the money I can contribute it into my Roth IRA this year even if my account is less than 5 years old? The situation is that I contributed the max $6,000 into my Roth last year, and my account is a year old. I know I can't withdraw any earnings but what about my contributions? I'm also pre-retirement age.

My question is this: can I withdraw some of the money I can contribute it into my Roth IRA this year even if my account is less than 5 years old? The situation is that I contributed the max $6,000 into my Roth last year, and my account is a year old. I kn...

IRA Fast Facts

@JoelIZA, Yes, you can withdraw your Roth IRA contributions at any time, for any reason (no taxes or penalties). Taxes and penalties would apply if you withdrew any of the earnings before age 59.5. Only if you had a conversion would the five-year waiting period. 

@Vinny869, this is spot on! I'll just add that the only times you'd need to wait 5 years are when:
1. You withdraw earnings from the acct.
2. You convert a traditional IRA to a Roth IRA.
3. And you inherit a Roth IRA.

@Jess225, @Vinny869 awesome, this is exactlt what I wanted to know. Thanks to you both!