I don’t have a good understanding on withdrawing from retirement and investment account. Can someone explain to me like I’m five years old.
Roth IRA - if I put in $1000 and its goes up to say $1500. I can with draw the $1000 without penalty, correct? Do I get taxed on the withdraw since it’s taxed money?
Regular investment account - Is it the same concept as Roth, because it’s post tax money that you put in? Someone told me that you can withdraw your earnings after one year without getting tax penalty. Which I believe they’re trying to say capital gains tax?