I had a Roth IRA with a brokerage company for 12 years. To consolidate my various accounts, I created a Roth IRA at another company in February and moved over those existing funds. I haven't found clear guidance in the regulations - does the 5 year rule restart since it is a new Roth IRA or are those existing funds already past their 5 year clock?
Thanks
The 5-year clock for qualified distributions from a Roth IRA starts at the beginning of the year for which you first made a Roth IRA contribution. It does not matter to which of your Roth IRAs that contribution is made. Because that first Roth IRA contribution was made many more than 5 years ago, you've already met this requirement for qualified distributions from any of your Roth IRAs. The other requirement for qualified distributions from your Roth IRAs is reaching age 59½, becoming disabled, or your death.
(Note that satisfying the 5-year rule for qualified distributions from designated Roth accounts in an employer plan like a 401(k) applies separately to each employer plan and is independent of the 5-year rule for qualified distributions from your Roth IRAs. The 5-year qualification for a designated Roth account in an employer plan does not transfer to a Roth IRA if the funds in such a plan are rolled over to a Roth IRA.)