offshore tax haven and early withdrawal

>>1290883
Jesus fuck, just minimise what you put in an IRA and keep the money for yourself. Fucking clown.

>>1290883
You don't own your IRA, your plan administrator does. You own a beneficial interest in the account. If you ask for it to be transferred to anywhere other than another qualified administrator, then your current administrator is going to code it as a distribution. This automatically triggers the IRS penalties unless you can prove than an exception applies.

So no, your plan has ZERO chance of working.

Also, I never understand why you idiots think your money is locked up in an IRA. Ten seconds of Googling would lead you to a SEPP plan. But you're too stupid to look.

>>1290898
Because, summerfag, the SEPP rule applies to the 10% early distribution penalty only, and does not affect the treatment of distributions as income. In particular, Roth IRA distributions taken under the SEPP rule will be taxed as income a second time.

You'd know that if you read the wikipedia article.

>>1290903
The faggot who thinks he can transfer a custodial account to an offshore bank is giving me tax advice? This is bizarro world.

Pro-tip: You don't pay taxes when you withdraw your Roth IRA contributions, kid, nor is there a penalty. Kek.

Keep going with the thread. You're comedy gold.

>>1290930
>Pro-tip: You don't pay taxes when you withdraw your Roth IRA contributions, kid, nor is there a penalty. Kek.

What's bizarro about your reality is that you think you're hot shit.

Since I'm contributing to the Roth IRA with after-tax dollars and then they're taxed again as income under your brilliant idea of an SEPP, how is that not a "penalty"?

>>1291009
>and then they're taxed again as income under your brilliant idea of an SEPP
Except they're not, idiot. You can freely withdraw your Roth contributions any time, in any amount, without penalty or taxes.

You don't need a SEPP with a Roth IRA, moron. You just take the money out.

Fuck, you're stupid.

>>1291020
>You can freely withdraw your Roth contributions any time, in any amount, without penalty or taxes.

Asshat, that only applies to the principal. You're useless.

>>1291061
Please learn what the word "contributions" means.

Congrats on a great thread You fit in just fine here on /biz/.

>>1291080
Rekt to the point of anal leakage.

>>1291061

>that only applies to the principal

You are too dumb to have any gains Mr trans faggot

>>1291061
>>1291080
>>1291217
Alright apparently I'm totally out of the loop here. I thought you could only withdraw contributions of the same dollar amount that you put in. Like, you invest $10,000 and it grows to $15,000 in a year. At that point you can withdraw $10,000, but the $5,000 in gains would be penalized.

How does it work?

Withdrawals of Roth IRA gains are subject to taxes, and a penalty unless its a qualified withdrawal. Qualified withdrawals include withdrawals if you are old enough, for first-time home purchase, certain medical expenses, SEPP plan and others.

The other guy is wrong because you are never taxed on the same money twice Perhaps that was what confused you. Too much bad information on this board thanks to faggots like him.