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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: jimleon who wrote (709)	3/5/1998 12:04:00 AM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

No no & NO! Wrong on many counts - If you take an EARLY withdrawal a ROTH isn't taxed - but it is subject to the premature withdrawal penalty of 10% of the amount taken. . An IRA given to the bank for payment, so to speak, would automatically be a premature withdrawal. . Using the IRA in any way to secure your possession of occupancy of or use of a personal use asset (like a house) would automatically disqualify the IRA retroactively to January 1st. Which would be similar to a premature withdrawal (above). . Colin