I am 65 years old and have several IRAs. One is more than 5 years old, the others are less than 5 years old. Can I withdraw from all of my IRAs penalty and tax free?

[miyabi13]

make new contributions can I with

[DoninGA]

What type of IRA?  Traditional or Roth?

[xmasbaby0]

No, your retirement account distributions will not be tax free.   Since you are over 59 1/2, you are not subject to an early withdrawal penalty, but money taken out of your IRA's or 401k's etc. is taxable income.   If you take money out, you will get a 1099R that must be entered on your tax return.  You will be taxed at the rate for your income bracket on that income.

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.

[fanfare]

You can withdraw from a Traditional IRA tax free only if your IRA basis is not less than the amount withdrawn plus the most recent year-end value of the IRA,.

Generally, most IRAs do not have any basis.

@miyabi13 

[Opus 17]

You can only make new contributions to a traditional or Roth IRA if you have compensation from working -- this generally means W-2 wages or schedule C self-employment.

For a traditional IRA, all withdrawals are always taxable, since you did not pay tax on the contributions.  You will not pay the additional 10% penalty for early withdrawal at your age.

If you have a Roth (after-tax) IRA, withdrawals are tax free if it is at least 5 years since you opened your first Roth IRA (traditional IRAs don't start this 5 year clock).  The 5 year clock on Roth IRAs applies once in a taxpayer's life.  If you have more than one Roth IRA, look at the date that the earliest one was opened.