A question about Iras

In general you can withdraw any of your direct contributions to a Roth IRA penalty and tax free at any time. The rules are different if the contributions come from a roll-over or roth conversion. And also if you end up withdrawing earnings (which would only happen after you withdrew all contributions).
For example, see
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Reply to
Yes, of course you can. But I think you're asking if you can do it without paying a penalty. The answer is yes. You can withdraw your entire contribution and earnings on your contribution, without penalty, up to the due date of our return. There's no tax on your contributions, but any earnings on your contributions need to be reported as income.
Here's the official word from publication 590-B, page 28:
"If you withdraw contributions (including any net earnings on the contributions) by the due date of your return for the year in which you made the contribution, the contributions are treated as if you never made them. If you have an extension of time to file your return, you can withdraw the contributions and earnings by the extended due date. The withdrawal of contributions is tax free, but you must include the earnings on the contributions in income for the year in which you made the contributions."
The rules are different for contributions from prior years. See the flowchart on page 30.
Reply to
Stan Brown

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