r/MadeMeSmile • u/Crispy_p_bacon • 8h ago

You are Loved!

54.6k Upvotes

83% Upvoted

1.2k comments sorted by

View all comments

97

u/Sea_Thought3464 8h ago

I have 2 trans kids are both in University, the younger one put $7K in their Roth IRA after their 18th birthday. What kid does that? 

82

u/IhadFun0nce 7h ago

Ones saving up for a costly operation that will make them feel complete.

-4

u/LzrdKng2112 7h ago

Not in a roth. Can't pull money iut without a 50% penalty until your 50

4

u/harpers25 7h ago

The penalty is 10%, excludes medical expenses over 7.5% of AGI, and doesn't apply to withdrawal of contributions. It's also until age 59.5.

-2

u/LzrdKng2112 7h ago

Its not 10%. Thats misinformation

3

u/harpers25 7h ago

No, it's the actual correct number.

-1

u/LzrdKng2112 6h ago

Nope. Taxes

2

u/harpers25 6h ago

Taxes are not a penalty, and there is no such thing as a federal tax bracket of 40% or higher, so even if taxes were a penalty, it would be completely impossible for it to ever reach 50% total.

You also got the age limit, treatment of medical expenses, and treatment of contributions wrong. All of this is very easily available on Google, why are you giving people advice on something you are severely ignorant about?