I have a Roth IRA I opened in 2006 and have converted some stock from trad ira. Do I have to hold the stock for 5 years or just the $ amount at time of conversion or neither? I am 73 yrs old.
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Neither, your distributions will be Qualified Distributions.
"A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
Please see Distributions of conversion and certain rollover contributions within 5-year period for additional information, but be aware this applies only to distributions that aren't a Qualified Distribution.
DanaB27,
Thank you much for your reply. Just to be clear, because I am >59 1/2 (actually 73) I can roll $ from Trad IRA into Roth, pay the tax due, and withdraw $ immediately, correct?
Bill
That is correct. Once you are over the age of 59 1/2 you can withdrawal from a traditional IRA penalty free. You will just paid tax on the distributions. For more information, see the link below:
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