Thanks Critter-3. Not sure we're exactly on the same page here. I'm talking about a ROTH conversion. Not a contribution of any kind -- whether to a tradional IRA or a ROTH.
As you mentioned Federal taxes might be due on the earnings, I kind of think you are thinking about a traditional IRA. Once in the Roth, there should be no taxes due on anything -- as long as I follow the rules...
All that said: I'm trying to find out if I'm exempt from the 5 year rule related to Roth conversions, namely that each time I make my first Roth conversion of a year I start the clock on a new 5 year waiting period. Ex:
I convert 100 shares of McDonalds to a Roth in 2021.
I convert 100 shares of AT&T to a Roth in 2022.
According to my understanding of the 5 year rule for conversions, if I don't want a 10% penalty, I must wait till 2026 to get to the McDonalds (stock or earnings), and 2027 to get to the AT&T (stock or earnings).
HOWEVER -- I believe -- since I am 75 (i.e. over 59 1/2), and just making my first Roth conversion -- that I am exempt from any of these 5 year rules, meaning I can take anything out of my Roth the day after I put it in if I want to, (stock or earnings), penalty free. THIS is what I'm trying to verify.
