dmertz
Level 15

Retirement tax questions


@rdemyan wrote:

1) I am over 65 years old.
2) I already have a Roth IRA that is well over five years old. It has about $20K in it.


You have met the requirements for qualified distributions from your Roth IRAs.  Any distributions that you make from any of your Roth IRAs are now completely free of any tax or penalty, including distributions of any amounts derived from Roth conversions now or in the future or from earnings.  Although it's still good practice to do so, there is no longer any real need to track contribution and conversion basis.  Because any distribution from your Roth IRAs will be a qualified distribution, the distribution will not be reportable on Form 8606.