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Mark has diligently deposited $1,620 per year ($135 per month) into his Roth IRA for the past 2.5 years (30 months). Mark is using his
Mark has diligently deposited $1,620 per year ($135 per month) into his Roth IRA for the past 2.5 years (30 months). Mark is using his Roth IRA as both a retirement savings plan as well as an emergency fund. Because Mark knows that he may need to use money from his Roth IRA, he has not invested the account aggressively, but he has earned a reasonable rate of return using an online bank account. He currently has $6,075 in the Roth IRA. He has decided to take a new higher-paying job in a neighboring state. Mark quit his current job and has just enough savings to get him to his new job and through the first pay period. What will happen if, halfway into the move, the transmission in Mark's truck breaks and the repair bill is $3,375? If Mark were to withdraw money from his Roth IRA to pay for the repair, how much could he withdraw and not incur any taxes or penalties? Mark can withdraw $
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