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The following quotation is from Vanguard's booklet "Distributions From A Vanguard IRA":

"Rules for penalty-free withdrawal of converted assets. To qualify for a penalty-free withdrawal of converted assets, you must satisfy a five-year holding period for each conversion. Otherwise, the 10% penalty tax will apply to the taxable portion of a conversion withdrawn within five years of that conversion unless you are 59 1/2 or older or qualify for an allowed exception. So, if you converted assets to a Roth IRA on December, 30, 1998, and converted additional assets to the same Roth IRA or a separate Roth IRA on January 4, l999, separate five-year holding periods would apply to each converted amount."

My question: Is this correct? I got the impression from reading several posts to these boards that the holding period was now unified, governed by the date of the first Roth conversion or contribution. Which is correct? Thanx.
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