I am in the process of taking a distribution from my Roth IRA which I have had since 2005. I am under the age of 59 1/2. My understanding is that withdrawals of contributions can be made at any time without incurring the penalty and taxes. While doing the withdrawal the first question is, "Have you met the five-year waiting period?" To which I answer yes. The second question, is "Which selection describes your distribution?" Premature (under 59½ years old), Premature (with exception), or Disability. By answering Premature (under 59½ years old) is that going to cause a taxable event? I just want to proceed with caution and not incur the taxes or penalty.
