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Old 03-18-2008, 08:13 PM
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My brother-in-law has a question. He cashed in a Roth IRA after a lay off and used the money to live on.
Now he gets gigged for income tax on the whole amount of the cashed in fund. Remember he payed tax on all the contributions he made at those times of investment. Can they charge income on moneys already paid again? And if this is hardship use, is there no way out of the tax?
Thx ahead...
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