Removing Converted Roth IRA Funds

Submitted by John Michael Hall on Wed, 2023-08-23 21:10

I am 65 years old and have a Roth IRA that has been open for 5+ years. The current basis is $25K. Can I convert $50K, and then withdraw $50K in 2024? In other words, does the 5 year conversion rule apply since I am 65 years old?

Thanks!



Submitted by Alan - IRA critic on Wed, 2023-08-23 21:49

It does not apply. Your Roth is qualified and entirely tax and penalty free whenever you take distributions, even from a conversion you just did.

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