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Posted by Tom on June 19, 2008, 12:28 am
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> "Alan" wrote:
>
>>> I opened a ROTH IRA in 1999 if I make desposits into that account this
>>> year when can I withdraw profits from the 2008 ROTH contribution w/o
>>> penalty? I'm 63 years old.
>
>> If my arithmetic is right, you could have started taking it out as
>> qualified distributions after you turned age 59 1/2 in 2004. This answer
>> assumes you have not created a separate five year period for a Roth IRA
>> conversion after 2003.
>
> That separate 5 year period for conversions is pertinent only when the
> premature distribution penalty is in play. Since OP is over 59 1/2, it's
> moot.
>
> All distributions from OP's Roth will be "qualified," thus zero tax or
> penalty.
Say I deposit $5K in that ROTH account in '08 when can I withdraw profits
from that $5K w/o penalty?
Tom
========================================= MODERATOR'S COMMENT:
Since OP is 63, a Roth distribution is without penalty.
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