I have read the IRS publications and some other comments, but not quite clear. If i convert an ira to an existing roth ira that I have had for 7 years, am I subject to the 10% penalty if I withdraw proceeds above my original contributions within 5 years of the conversion? I have read a few comments that say if you have one Roth for over 5 years, you have met that 5-year rule already and this is a loop hole and you will not ever have to meet it again for future conversions. Is that correct or wrong?
