chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
I am reading about Roth IRA conversions.
I read that there is a rule about conversions. If funds are converted to a Roth before the person is 59.5 years old... the converted funds need to be held for 5 years before withdrawal. There were some other rules regarding aggregation and ordering of withdrawals and potential tax on earnings if the rules are violated.
Does this mean if I convert some funds at 58, I will need to wait 5 years before there is penalty free access to those funds?
Does the 5 year rule hold for funds converted to a Roth IRA if they are converted after 59.5?
I read that there is a rule about conversions. If funds are converted to a Roth before the person is 59.5 years old... the converted funds need to be held for 5 years before withdrawal. There were some other rules regarding aggregation and ordering of withdrawals and potential tax on earnings if the rules are violated.
Does this mean if I convert some funds at 58, I will need to wait 5 years before there is penalty free access to those funds?
Does the 5 year rule hold for funds converted to a Roth IRA if they are converted after 59.5?