I am over 59 12. If I convert an IRA to a Roth IRA (this would be a new Roth IRA), can I withdraw the contribution (not earnings) before 5 years.
A specific example. I convert $100,000 from my IRA to a Roth and pay the income tax from the conversion. I understand that I cannot take any earnings out of the Roth for 5 years without penalty. Can I take any of the initial $100,000 conversion out before the 5 year waiting period.
I have seen some websites that say this is possible, others say it is not. I have had one tax advisor say it is possible and another say it is not.
Any help would be appreciated.
