Need to Take Some Money Out of Retirement
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have been at about 50% cash for some time Why? I believe that I can take money out of the roth tax free if it was part of the original contribution Yes you can take your contributions out tax free from Roth IRA's, but you need to have proof of the contributions you made. Your old 401k would have the contribution amounts. I'm also curious what…
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I’m sorry you’re in this situation. If this is truly your last option then sometimes you have to do what you have to do. Before withdrawing I’d make sure you’ve looked into every alternative because once that retirement money is gone you lose both the money and the future growth. Hopefully this is just a temporary setback.
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One hiccup that concerns me with this is the fact that i moved the money this year after I lost the job. The original 401k company will show that I moved it entirely to the new broker, and the new broke doesnt know how much if it was contribution vs capital gains. Would I expect a 1099-r from each of them?
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Yes, you can withdraw your Roth contributions, tax and penalty free. You would get a 1099-R at the end of the year, which would show the gross distribution and how much of it is taxable (which would be $0)