I put $7000 of my after tax money into an IRA in 2024 and then converted it to a Roth, can I withdraw contributions without tax or penalty? Is 5yr rule only for earnings?

[Opus 17]

First, was this your only money in a traditional IRA, or did you have previous pre-tax (tax deductible amounts) in the traditional IRA.  Because if you had pre-tax amounts, you can't do a simple conversion, it gets really complex.

Then, converted amounts in a Roth IRA have a 5 year clock.  If you withdraw in less than 5 years, you don't pay income tax, but you do pay a 10% penalty for early withdrawal if you are under age 59-1/2.  There is no penalty for withdrawing conversion amounts at any time if you are over age 59-1/2.