Seeking clarification on Roth IRA withdrawal

[Guest wdb]

Hello,

I did a search of these boards and found some information, but nothing that I considered definitive. My exact question is this:

If my Roth IRA (opened in 2000), is currently valued less than my contributions over the past four years, will there be a penalty if I withdraw from it or close it?

My understanding is that since all of my contributions were already taxed, they are not taxable. The thing I am not sure of is the penalty...does early withdrawal incure a penalty, even if it is only from my contributions?

There has been no rollover, conversion, dividends, etc....just my straight monthly contributions. And even if I close it, I am taking about a $1k loss compared to what I contributed.

I ask here because of conflicting information I am getting from my agent and my funds custodian.

Thanks in advance for any help,

bill