Great article!
So, I started my initial Roth IRA about 15 years ago with regular contributions. Subsequently, started additional Roth IRA after the initial one.
In January of 2019, I was 58 yrs old and during the market downturn, I converted traditional IRA funds to my Roth IRA. Since the 2019 conversion, the market has bounced back and I have substantial gains. I have not contributed any additional funds to my Roth IRA. I am currently 61 1/2 and would like to use the conversion funds and the gains from the Roth in 2023.
I have always interpreted the 5 year rule on conversions to mean that my Roth IRA gains are not accessible (without penalty) until January of 2024. Based on this article, since I am over 59 1/2, I can access all of my Roth IRA funds (as qualified distributions) without penalty at anytime.
Is this correct? Thanks!
