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You should consult with the IRA trustee/custodian and a professional tax advisor before making any decisions regarding your retirement assets.
Investment products and services are offered through Wells Fargo Advisors.
You can always withdraw the contribution you made tax free.
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In not, you may wish to request withholding on your IRA distribution, or make estimated payments.
Here are some links to additional information to assist you.
Although there are several factors that determine whether a Roth or traditional IRA will be best, the dominating factor that most drives the outcome is a comparison of an individual’s current versus future marginal tax rates.
When tax rates remain the same, final wealth remains the same; when tax rates change, final wealth may be better or worse, depending on the direction of the change.
For those who retire early – e.g., in their 50s or early 60s – there is often an opportunity for Roth conversions while rates are especially low, before Social Security benefits begin (as the phase-in of taxation on Social Security benefits can dramatically increase the marginal tax rate).If rates are higher in the future, it’s better to have converted now to a Roth; if rates are lower in the future, it’s better to simply keep the traditional IRA, wait, and pay the taxes in the future when the rates are lower.For those who are working, the decision about whether to contribute to a traditional or Roth IRA often becomes an evaluation of current marginal tax rates (on top of wages and any other income) versus what that marginal rate will likely be in retirement (when wages are gone, but a pension, Social Security, or other income may be present).I haven't made much money on it yet so I don't think it would be extremely negative. To count as a qualified distribution, a Roth IRA distribution cannot be made before the end of the five-tax-year period beginning with the first tax year for which the individual (or the individual's spouse) made a contribution to the Roth IRA.In addition to the five-year holding period, a qualified distribution can only be made if it is: Distributions that do not meet the above requirements are considered nonqualified distributions.