If you're over 65 and made a withdrawal from your Roth IRA for the first time in 2024, the status of your account matters due to IRS rules:
- 5-Year Rule: Roth IRAs must be open for at least five years to withdraw earnings tax-free
- Qualified Distributions: Withdrawals after age 59½ are tax-free if the account meets the 5-year rule
For more details, visit TurboTax Roth IRA Withdrawal Rules
