"Phil Marti" <prm20871[at]verizon.net> wrote in message
news:yXd7k.2478$gE.1090[at]trnddc07...
- quote -

I read in an online ROTH\IRA link the clock starts ticking again when the
$5K is added to the ROTH.
I'll read the publication again.

========================================= MODERATOR'S COMMENT:
The five-year conversion clock is moot since, as noted above,
taxpayer is 59 1/2.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"Tom" wrote:

- quote -

The next day. This is the same answer you've been given at least three
times. Instead of just asking it over and over, sit down with Publication
590 and verify. It's remarkedly straightforward when you're over 59 1/2 and
have had a Roth for 5 years, but if there's something you don't understand,
come back with a specific reference and explanation of what's troubling you.

--
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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"Phil Marti" <prm20871[at]verizon.net> wrote in message
news:qWK5k.56967$Ni1.32818[at]trnddc01...
- quote -

Say I deposit $5K in that ROTH account in '08 when can I withdraw profits
from that $5K w/o penalty?

Tom

========================================= MODERATOR'S COMMENT:
Since OP is 63, a Roth distribution is without penalty.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"Alan" <sfcnm-mtm[at]yahoo.com> wrote in message
news:VMF5k.14144$co7.9655[at]nlpi066.nbdc.sbc.com...
- quote -

decided it will complicate my ROTH account too much.

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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"Alan" wrote:

- quote -

That separate 5 year period for conversions is pertinent only when the
premature distribution penalty is in play. Since OP is over 59 1/2, it's
moot.

All distributions from OP's Roth will be "qualified," thus zero tax or
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 (2007) - All rights reserved. > << ------------------------------------------------------- >

On Jun 16, 8:18 pm, Rich Carreiro <rlc-n...[at]rlcarr.com> wrote:
- quote -

Can you withdraw your contribution/principal any time without penalty?

Also, publication 590 lists cases where you can withdraw before age
59.5 without penalty?

http://www.irs.gov/publications/p590/ch02.html#d0e10519

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

"Tom" <yahoo[at]earthlink.com> writes:

- quote -

Now.

Once you were both (a) 59.5 years old and (b) had a Roth IRA account
for at least five years, all Roth withdrawals are qualified and no
penalties early withdrawal or conversion penalties apply.

--
Rich Carreiro rlc-news[at]rlcarr.com

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

Tom wrote:
- quote -

as qualified distributions after you turned age 59 1/2 in 2004.
This answer assumes you have not created a separate five year
period for a Roth IRA conversion after 2003.

--
<< ------------------------------------------------------- > << 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 (2007) - All rights reserved. > << ------------------------------------------------------- >

I opened a ROTH IRA in 1999 if I make desposits into that account this year
when can I withdraw profits from the 2008 ROTH contribution w/o penalty? I'm
63 years old.

Thanks,

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 (2007) - All rights reserved. > << ------------------------------------------------------- >