Can I withdraw funds from my Honest Dollar account?
Once you have your bank account linked to your Honest Dollar account and it has been verified, you can access any of your funds by initiating a withdrawal.
Since your account is made up of a Roth IRA or a SEP IRA, you should be aware of the rules and limits of withdrawing funds from any of your financial accounts.
For a Roth IRA, in most cases all the funds that you have contributed to this fund with after-tax money, also known as principal, may be withdrawn without penalty. Any interest gained on the investment cannot be withdrawn without incurring tax and a penalty, unless certain requirements are met.
For a SEP IRA or Traditional IRA, in most cases all the funds that were contributed to these funds will be taxed on withdrawal and unless certain requirements are met, will incur a withdrawal penalty.
More information regarding IRA withdrawals can be found here: https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-IRAs-Distributions-(Withdrawals)
Honest Dollar is an investment advisory firm that can facilitate the creation of a retirement account. While we are familiar with the requirements for establishing accounts for tax planning purposes, we do not offer tax planning advice. If you don’t already have one, we strongly encourage you to contact a tax professional that can provide you with a comprehensive assessment of your tax situation.