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URL:  http://boards.fool.com/so-if-a-person-that-has-had-a-roth-ira-for-10-31115746.aspx

Subject:  Re: Roth question Date:  2/12/2014  2:19 PM
Author:  ptheland Number:  74244 of 75531

So if a person that has had a Roth IRA for 10 years turns 59.5, then converts part of a traditional IRA to add to the existing Roth, there is no longer the five year waiting period?

There are 2 five year waiting periods related to Roth IRA.

To have tax-free withdrawals of earnings, the Roth IRA itself needs to have been open for 5 years. (AND the owner has to be at least 59.5 years of age.)

To have penalty-free withdrawals of conversions from a traditional IRA, there is a 5 year waiting period after the conversion. An alternative to this 5 year wait is reaching 59.5 years of age.

So in your situation, the account owner can have tax free withdrawals of earnings because they have reached 59.5 AND the account has been open for at least 5 years. The conversion can be withdrawn penalty-free because they are over 59.5.

--Peter
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