A client converts $100,000 from their traditional IRA to a Roth in January of 2010. Assuming he has had another contributory Roth for more than 5 years, can he then turn around the next day and take the converted $100,000 out of his Roth IRA without paying additional taxes, over the original converted amount, or penalties? Or must the client wait 5 years on the conversion regardless of how long he has had any other Roth IRAs before being able to take out his conversion without taxes or penalties? This is also assuming he is under 59 1/2. I know he can’t take the earnings without penalties, but I am confused with the rules on the converted amount.

Thank you,

Todd