Is there some place that explains ROTH rules for people OVER 65 who have ROTH accounts more than 5 years old?

[RetireSoon]

I find the rules surrounding ROTH IRAs very confusing. All the articles I've seen mix ages of investors and ages of IRAs and IRA to ROTH conversions at various times together. I've never seen an article that addresses ONLY the rules for people over 65 who have been contributing to ROTHs for years. There's stuff about holds, and stuff about conversions, and I can't tell what applies to whom. I'm just trying to figure out how it all works so I can plan ahead for conversions and withdrawals, to minimize taxes in retirement.

[Juliane22]

Hi RetireSoon!

Here is an excerpt from a Turbotax article regarding ROTH withdrawals for those over 59 1/2. The link to the full article is here: https://blog.turbotax.intuit.com/retirement/roth-ira-withdrawal-rules-and-penalties-53233/ 

Let me know if you have a specific question as well and I can help guide you.

Roth IRA withdrawal rules for those over the age of 59.5

If you’ve reached the age of 59.5, you’ve met half of the requirements to withdraw your Roth IRA earnings both tax- and penalty-free. The second half of the requirement is the Roth IRA Five-Year Rule.

• If you’ve had your Roth IRA for less than five years: Your earnings will be subject to taxes at your normal tax rate, but you won’t be subject to the 10% penalty. 
• If you’ve had your Roth IRA for more than five years: You can withdraw your Roth IRA earnings with no taxes and no penalties. 

Based on the above scenarios, the best time to withdraw from your Roth IRA account is when you’ve had your account for five years or more and have reached the age of 59.5. This will help you make the most of your contributions and earnings. 

The distributions that you take once you’ve reached both milestones (or a qualifying event) are known as qualified distributions. Otherwise, the distributions are considered non-qualifying distributions. 

[RetireSoon]

Basically, I'm trying to figure out if there are any rules surrounding ROTH withdrawals over the age of 65, if I am ALSO converting 403b to ROTH after retirement. It will probably take several years to convert all the money I want to convert. I can't convert until I retire. I might need to make a withdrawal after I'm done converting, but before 5 years after the end of conversions are up. Can I, without penalties, fees, or taxes, withdraw from any or a specific ROTH? Should I plan to put the conversion(s) into a separate ROTH? How separate does it have to be? Can it go into existing ROTH accounts but different investments, or should converted funds go into a ROTH at a totally different institution?

[VolvoGirl]

See IRS publication 590-B for IRA Distributions

https://www.irs.gov/pub/irs-pdf/p590b.pdf