The "daily Call" From Option Alpha: Options Trading | Stock Options | Stock Trading | Trading Online

Hey everyone, Kirk here again and welcome back to the daily call. On today’s call, we’re answering the question from the community and the question was – “Should you withdraw contributions made to your IRA account?” First and obviously, please talk to your CPA about this and not use this as the only basis for doing this. But in most cases, I think the rules now are you have to have an IRA for five years and then you can obviously withdraw contributions. In most cases, I’m talking about ROTH IRAs where you have after tax contributions, so you’ve already paid tax on it. You can take those contributions out. You just can’t take out any of the gains that you have. But obviously, you might have to put them back or they might be subject to putting those distributions back into your account at some point in the future. Again, consult with your CPA on this. But as a general rule of thumb, I would say don't take money from your IRA unless you absolutely need to. There's probably a million reasons why you shouldn't do