I am in the process of taking a distribution from my Roth IRA which I have had since 2005. I am under the age of 59 1/2. My understanding is that withdrawals of contributions can be made at any time without incurring the penalty and taxes. While doing the withdrawal the first question is, " Have you met the five-year waiting period ?" To which I answer yes. The second question, is "Which selection describes your distribution?" Premature (under 59½ years old), Premature (with exception), or Disability. By answering Premature (under 59½ years old) is that going to cause a taxable event? I just want to proceed with caution and not incur the taxes or penalty.
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