I am 69 years old, if I contribute to a Roth IRA for 2024, does the 5 year rule still apply? Or could I withdraw from it before 5 years?

[DanaB27]

You can withdraw contributions you made to your Roth IRA anytime, tax- and penalty-free. 

If this is the first time that you opened a Roth IRA then the 5 year rule would apply and the earning would be taxable income if you withdraw them before the 5 years. 

After 5 years all distributions would be tax-free as Qualified Distributions. Please see Qualified Distributions for additional details.

[NCperson · Accepted solution]

@bdmossing 

1) Contributions can ALWAYS be distributed without tax and without penalty.

2) Since you are over 59.5 years old, there can never be a 10% penalty.

3) if the oldest Roth account has been open for 5 calendar years and if you distribute the earnings, there is no tax on the earnings.  

4) if the oldest Roth account has NOT been open for 5 calendar years and if you distribute the earnings, there is tax on the earnings.  

4) the IRS assumes that all contributions are distributed before any earnings are distributed.