If you are not yet 59.5, a Roth conversion must be held for 5 years to avoid a 10% early withdrawal penalty. This is to prevent someone with a TIRA from converting just to be able to withdraw the funds without a penalty. Once you turn 59.5, the penalty disappears, even for conversions you did prior to 59.5.

If you have to tap conversion funds because you have already withdrawn any regular contributions, then the oldest conversion is considered to be distributed first.

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