That's great news. Thanks for the info!

- Tom
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"tom" <tom[at]anythingpeaceful.org> wrote:

- quote -

Since your Roth is more than 5 years old and you're over 59
1/2, ALL distributions from here out are "qualified,"
meaning there is no tax or penalty. The ordering rules in
IRS Publication 590 are for nonqualified distributions, and
the 5 year aging of individual conversions is relevant only
to the premature distribution penalty.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I opened a Roth IRA in '98 with a normal contribution.
Since then, I have made several additional yearly
contributions, as well as several Conversions (regular IRA
to Roth IRA). All the conversions were done less than 5
years ago.

I'm now over 59 1/2. My understanding is that:

- I can withdraw my contributions (no penalty, no tax) --
at any time.
- I can then withdraw all my conversions (no penalty, no tax)
because I'm over 59 1/2.

My main question concerns the Earnings. Since my Roth is
co-mingled, I don't know which earnings came from the
Contributions and which came from the Conversions. If I
withdraw all my Earnings, would it be penalty-free and
tax-free because I'm over 59 1/2 and my _original_ Roth was
opened more than 5 years ago? Or would there be some taxes
because my Conversions were done less than 5 years ago?

- Tom

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >