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Retirement tax questions
The 5-year conversion clock has only to do with assessing an early-distribution penalty on amounts attributable to taxable conversions and there is no early-distribution penalty on converted amounts after age 59½. If you are over age 59½, there is no 5-year conversion clock to be concerned about.
The 5-year clock for determining whether or not your Roth IRA distributions are qualified distributions is an entirely different clock that began on January 1 of the year for which you first made any Roth IRA contribution (other than an excess contribution) and never resets. You've already satisfied this 5-year clock, so any amount that you take out of your Roth IRAs is free of any tax.
November 14, 2023
1:06 PM