Has anyone over 59-1/2 and with a Roth account older than 5 years tried to take EARNINGS from their Roth IRA and see if TurboTax calculates a tax or a penalty? Why I ask:
1) Contributions and conversion dollars are straight forward per IRS pub 590B. Earnings are not specifically mentioned; I only see the word distribution which can mean any of the three.
2) Everything I see online says if you're over 59-1/2 and your Roth 5-year clock is met, you can take earnings out tax free and penalty free. But, they don't specify which 5-year clock they're referring to, the age of the account or the timing since the conversion!
3) I use two financial advisors; One advisor says I'm home free because my first Roth account is over 5 years old and I'm over 59-1/2 years old. The other advisor is adamant - I have to keep track of every Roth conversion because they each have their own 5-year clock for earnings distributions, even though I'm over 59-1/2!
So, I figured I'd make up a phony TurboTax filing and see if TurboTax is programmed to tax me or penalize me for distributing earnings a year after a conversion. Spare me the grief if someone else has already done this!
Any thoughts are appreciated and apologies for having to answer this multiple times.
