Originally Posted by rbmrtn
You can withdraw from ROTH without penalty but there is tax on conversion.
part of a nice table by KAWill from the fairmark.com forum
There are penalties for withdrawals of conversion and earnings before the 5 yr clock on conversions expires if you are less than 59.5 y.o.
Re: Roth IRA Rules - Table Approach
Roth IRA Distribution Table
UNDER AGE 59.5
FIVE YEAR CONVERSION HOLDING PERIOD NOT MET
Contributions: Tax-No; Penalty-No
Conversions: Tax-No; Penalty-Yes (Taxable Portion)
Conversions: Tax-No; Penalty-No (Nontaxable Portion)
Earnings: Tax-Yes; Penalty-Yes