Quote:
Originally Posted by Bill14564
That article contradicts this article from the same source which includes the paragraph (emphasis added):[INDENT]Additionally, tax laws dictate that you must hold your Roth IRA for five years and be age 59½ to avoid the 10% penalty on withdrawing earnings and conversions. So, you will need to meet both the age and holding period requirements to avoid withdrawal penalties. But, the IRS can also waive these requirements if you meet the criteria for an exception. [/INDENT
EDIT: Other sources also claim an exception to the 5-year rule on conversions if you are over 59 1/2. |
From Kiplinger article.
Scenario 3: You did a partial Roth IRA conversion in 2015. You did a second partial Roth IRA conversion in 2021, when you were age 67. In 2024, you take a distribution from your Roth IRA. You will not be taxed on the distributed earnings because it's been more than five years since you first deposited money into any IRA (through the first conversion).
I think having opened any Roth IRA previously that would comply with the 5 year rule and being over 59 1/2 would give you tax free access to the Roth IRA ?
unless less I misunderstood the people I have talked this is the case, at some point someone with professional standing will comment.