Roth contributions & withdrawls

I am 63 and took early social security retirement benefits.
1. I work part time and want to know if I can continue contributing to my Roth account ?
2. Can I withdraw money from my Roth account tax free ?
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Yes, $5,000 or the amount of your gross wages, whichever is less.

Yes, if you have had the account for at least 5 years, Contributions can be withdrawn at any time, without tax or penalty. << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >>
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Yes. There is no age limit for Roth contributions, so as long as you have earned income (your part-time job) you can contribute. See IRS Publication 590.

Assuming your first Roth contribution was more than 5 years ago, all Roth distributions for the rest of your life will be tax-free. -- Phil Marti Clarksburg, MD
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snipped-for-privacy@verizon.net posted:

Answer 1: Yes, up to the limit of $5,000 at present time, since you are over 50 -- and subject the the limitation that it cannot exceed your earned income. Also, please note the contributions to your Roth account may entitle you to a credit for retirement savings, assuming your total income does not exceed the stated limitations. Answer 2: Yes, once you're past 59 1/2 years of age, all Roth withdrawals are free of reporting or taxation requirements. Bill
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Bill wrote:
(snipped...

OOPS! Bill. free of reporting requirements? Since distributions are always reported on a 1099R, recipients had better account for same on line... 16 (17?) a. ChEAr$, Harlan Lunsford, EA n LA
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snipped-for-privacy@bellsouth.net (HarlanLunsford) posted:

I stand corrected. I was thinking "free of inclusion in taxable income" when I wrote the offending "reporting requirements." Of course, any 1099R income reported must be explained. (Actually, I've personally not yet made a withdrawal from my Roth ... so I hadn't even thought of the 1099R being issued.) Bill
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snipped-for-privacy@verizon.net wrote:

Rest easy. There is no age restriction on contributing to a ROTH, as long as other qualifications (earned income and AGI under a certain amount, etc).

If you've had it at least five years, then yes. Otherwise a portion of the earnings might be taxable. Enjoy! AFter all, "we" (you and I) have earned the privilege. ChEAr$, Harlan Lunsford, EA n LA
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