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I'm 64 and have a ROTH that's about 3 years old and another ROTH account that's over 5 years old. If I take a distribution from the 3 year old ROTH, will it be tax free?
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Being over age 59½ and having had any Roth IRA for 5 years or more means that any distribution from any of your Roth IRAs is tax-free. For a distribution from a Roth IRA that you have had for less than 5 years, the IRS custodian will report the distribution with code T in box 7 of the Form 1099-R. When in TurboTax you answer Yes to the question that asks if you had any Roth IRA for 5 years or more, TurboTax will treat code T the same as code Q.
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