Report Abuse. 1  Holy Moly Origin. 2  Holy Moly Meaning. 3  Mole pronounced moly is a type of sauce originating from Mexico.  It started in my young life in the 1940 s when we were interested in reading Captain Marvel Comics.
If you are over 59Â½, you may withdraw as much as you want so long as your Roth IRA has been open for at least 5 years. If you are under 59Â½, you may withdraw the exact amount of your Roth IRA contributions with no penalties. There are special exemptions for first-time home purchase and college expenses.
If it's not a qualified distribution, you owe income taxes and potentially penalties on the earnings portion of the withdrawal. Step 1. Subtract the amount of contributions in your Roth IRA from your withdrawal to figure the amount of earnings you are taking out. If the amount of contributions in your Roth IRA exceed the amount of your withdrawal, you are removing contributions only, which come out tax-free and penalty-free.