I'm in my 60s and have several IRAs. One is a ROTH IRA I opened and funded more than 20 years ago. It has been dormant for many years and currently has a balance of $0, but it is still open.
3 years ago I opened a traditional IRA and a ROTH IRA with a different broker and have been funding and actively trading in these 2 new accounts since opening them. On their own, these 2 newer accounts would not meet the 5-year rule, but I read that the 5-year count down starts the year of your first contribution to an IRA, and then carries over to any subsequent IRAs that you later open. Is that correct? Would I be able to withdraw from these 2 newer accounts that have been open less than 5 years and not incur any penalties, and in the case of the newer ROTH IRA, withdraw money without any tax liabilities? I look forward to your comments, thank you.
