I looked into the calculations by checking the underlying IRS forms a few years ago. It is not prorated, withdrawal of basis dollars is totally tax free until withdrawal exceeds basis.
*I am not a tax expert, may be wrong On Sat, Apr 24, 2021, 18:18 Martin Blais <bl...@furius.ca> wrote: > Oh I see. That makes sense. (And it's probably pro-rata as well, e.g. if > you have 100k in contribs on an account worth 120k and you take out $1200, > $200 would be taxable? That's what I'd expect the govt would do) > I'd probably write a script to compute the contribution amount instead of > tracking it explicitly > > > On Sat, Apr 24, 2021 at 8:40 PM William Bean <wbea...@gmail.com> wrote: > >> You can withdraw contributions at any time, tax free and penalty free, >> regardless of age. However, if you withdraw more than your contributions >> when younger than 59.5, then the gains portion would incur a penalty. Thus, >> knowing your contribution amount is important if there is an intent to >> withdraw any amounts prior to 59.5, which could occur in an emergency >> situation or in early retirement. >> >> On Saturday, April 24, 2021 at 8:22:28 PM UTC-4 bl...@furius.ca wrote: >> >>> I still fail to understand. This would make sense for an After-Tax 401k, >>> but for a Roth account, it's 100% non-taxable. >>> The penalty is a constraint based on your age IIRC, there's nothing to >>> track. >>> >>> >>> On Sat, Apr 24, 2021 at 7:49 PM William Bean <wbe...@gmail.com> wrote: >>> >>>> Agreed. The actual investments and everything would be tracked as a >>>> regular account. The contribution tracking would be something separate, >>>> which is why I'm contemplating just an account with fake currency for this. >>>> I intend to use it to track how much money I have available as an emergency >>>> fund (in addition to other assets). It probably makes sense to just be an >>>> asset with fake currency (or maybe just track the cash contributions via >>>> metadata), but wasn't sure if anyone had come up with a better solution, so >>>> figured I'd ask. >>>> >>>> On Saturday, April 24, 2021 at 7:22:05 PM UTC-4 bl...@furius.ca wrote: >>>> >>>>> I treat this as a regular account. >>>>> Why would you track this? The whole point is to keep the account >>>>> around for old age. >>>>> >>>>> >>>>> On Sat, Apr 24, 2021 at 5:32 PM William Bean <wbe...@gmail.com> wrote: >>>>> >>>>>> Does anyone have a specific way they track Roth contributions in >>>>>> Beancount, so you know how much you can withdraw penalty free before age >>>>>> 59.5? I was thinking of just a simple asset account with fake currency, >>>>>> but >>>>>> wasn't sure if there was a more elegant way to do this? >>>>>> >>>>>> -- >>>>>> You received this message because you are subscribed to the Google >>>>>> Groups "Beancount" group. >>>>>> To unsubscribe from this group and stop receiving emails from it, >>>>>> send an email to beancount+...@googlegroups.com. >>>>>> To view this discussion on the web visit >>>>>> https://groups.google.com/d/msgid/beancount/CAO0DHEBwWTwDWm8VHD8jQj5dWKSd1O3ssBvsz4U%3DLb_%2BVqo18w%40mail.gmail.com >>>>>> <https://groups.google.com/d/msgid/beancount/CAO0DHEBwWTwDWm8VHD8jQj5dWKSd1O3ssBvsz4U%3DLb_%2BVqo18w%40mail.gmail.com?utm_medium=email&utm_source=footer> >>>>>> . >>>>>> >>>>> -- >>>> You received this message because you are subscribed to the Google >>>> Groups "Beancount" group. >>>> To unsubscribe from this group and stop receiving emails from it, send >>>> an email to beancount+...@googlegroups.com. >>>> >>> To view this discussion on the web visit >>>> https://groups.google.com/d/msgid/beancount/b99d5cc5-ea1f-4083-81fe-a7820c0a3e91n%40googlegroups.com >>>> <https://groups.google.com/d/msgid/beancount/b99d5cc5-ea1f-4083-81fe-a7820c0a3e91n%40googlegroups.com?utm_medium=email&utm_source=footer> >>>> . >>>> >>> -- >> You received this message because you are subscribed to the Google Groups >> "Beancount" group. >> To unsubscribe from this group and stop receiving emails from it, send an >> email to beancount+unsubscr...@googlegroups.com. >> To view this discussion on the web visit >> https://groups.google.com/d/msgid/beancount/7e6763a1-cdba-43a8-89ab-b582b057c4bbn%40googlegroups.com >> <https://groups.google.com/d/msgid/beancount/7e6763a1-cdba-43a8-89ab-b582b057c4bbn%40googlegroups.com?utm_medium=email&utm_source=footer> >> . >> > -- > You received this message because you are subscribed to the Google Groups > "Beancount" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to beancount+unsubscr...@googlegroups.com. > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/CAK21%2BhMY1zdrU8eEbMtZgm40hyb7-r_tYkoYBt83C%2BxN0rzBEw%40mail.gmail.com > <https://groups.google.com/d/msgid/beancount/CAK21%2BhMY1zdrU8eEbMtZgm40hyb7-r_tYkoYBt83C%2BxN0rzBEw%40mail.gmail.com?utm_medium=email&utm_source=footer> > . > -- You received this message because you are subscribed to the Google Groups "Beancount" group. 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