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roth IRA distributions

jdc367 — Sun, 16 Feb 2020 17:39:09 GMT

I am 68 I have had a roth IRA greater than 5 years. I have also made conversions (on which I paid tax) to the roth IRA from my traditional IRA within the last 5 years. In 2019 I withdrew a substantial amount of the roth.

Do I owe taxes on the earnings from the contributions made to the Roth within the last 5 years, or is the total withdrawal non taxable?

Re: roth IRA distributions

macuser_22 — Sun, 16 Feb 2020 17:56:55 GMT

Being over age 59 1/2 is an exception to any early distribution penalty.

Re: roth IRA distributions

AnnetteB6 — Sun, 16 Feb 2020 18:02:48 GMT

The total withdrawal should be non-taxable if it is a qualified distribution.

From IRS Publication 590-B:

What Are Qualified Distributions?

A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.

It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit, and
The payment or distribution is:
1. Made on or after the date you reach age 59½,
2. Made because you are disabled (defined earlier),
3. Made to a beneficiary or to your estate after your death, or
4. One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit).

@jdc367