Roth IRA Help
I opened an IRA account with Merrill Lynch in November of 2014. I let my cousin convince me it was a good idea even though I have no idea what I'm doing but I digress. I contributed 100 dollars every paycheck until October of 2015. I had amassed about 2500 dollars and I never invested the money into anything. I withdrew 500 dollars when I was in dire straits. I've been trying to figure out if there are any penalties in my case if I simply withdraw the rest and put it into an actual savings account instead.
I find the rules confusing and contradictory and I would really love a definitive answer on whether I will be penalized for taking the money I contributed out when there was no investing and no earnings.