I got this from a 3rd party tax advisor and I am not sure it is correct. There also seems to be some confusion on his use of the terms contribution and conversion. This is for someone over 59 1/2. Please let me know you thoughts…
“If the first year you contributed to a ROTH IRA was in 2024, then you can't take any of the growth on your contributions out until 2029, otherwise you will pay tax and penalties. For conversions, it is a different story. If you converted $20,000 from a Traditional IRA or 401k to a ROTH IRA in 2024, you can't take either your contributions or growth out until 2029 or you'll incur tax (on growth of contributions if they are taken out) and/or penalties (on growth and contributions), if taken out before 1/1/2029.”
