MinhT1
Expert Alumni

Retirement tax questions

You do not need to keep each year's conversion in a separate Roth IRA account.

 

Distributions from a Roth IRA are tax-free when you are over 59 1/2 and the distribution occurs 5 years after you have funded your first Roth IRA account.

 

Distributions of your contributions and the amounts rolled over do not have bear tax or penalty if if the five-year rule is not observed. 

 

As you are over 59 1/2, the only case where you may pay taxes is on the earnings (after exhausting your amounts rolled over) for withdrawals less than 5 years after you opened your first Roth IRA.

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