For Roth IRA conversions from an IRA, if the conversions are made after age 59 1/2, must someone wait five years before the conversion itself and interest accrued can be withdrawn without a penalty? The IRA and Roth IRA accounts are more than 10 years old
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You have to hold the Roth IRA for at least five years after conversion for tax free treatment:
The overall 5 year waiting period for owning a Roth IRA. You can withdraw your basis but not your earnings. However, if the withdrawal is otherwise qualified, the penalty for withdrawing earnings from a conversion is only the 10% penalty for early withdrawal, and that does not apply if you are over age 59-1/2.
See the link for further details: https://turbotax.intuit.com/tax-tips/investments-and-taxes/now-everyone-can-convert-to-a-roth/L4NEqO...
The rules on conversions can be a bit tricky, as the rules are different for contributions than for the earnings on those contributions.
The contribution portion of your conversion can be withdrawn penalty-free after age 59 1/2. Because you paid tax at the time of conversion, there are no tax consequences.
At age 59 1/2, the earnings can be taken penalty-free, but they will be subject to tax if it has not been five years since you opened any Roth account. (The timeclock begins ticking on January 1st of the year you opened your first Roth IRA account.) If five years have passed since that date AND you are over 59 1/2, the earnings on your conversion are tax- and penalty-free.
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