Post 59 1/2 draw if contributions/conversions made within last 5 years
My understanding is that someone over age 59 1/2 can withdraw their entire Roth without penalties or taxes even if they made a Roth conversion or contribution within the last 5 years. Is that correct? Many thanks again!!
Permalink Submitted by Alan - IRA critic on Fri, 2024-10-04 16:58
There is never a penalty for distributions after 59.5 and therefore no longer a conversion holding requirement. But gains (that come out last) will be taxable unless the first contribution year to any Roth IRA was prior to 2020.