>>><< And don't forget the 5-year waiting period before you can withdraw without penalty...>>And don't forget that only applies to conversion Roth IRA contributions. Contributory Roth IRA contributions may be taken at any time. Earnings may be taken after age 59 ½ penalty free provided the account has been open at least five years.<<<<Hmm... I missed that somewhere along the way. In fact, I still had a question as to whether initial funds in a conversion Roth would be considered as contributions.To put it in the form of a simple question: If I convert a traditional IRA to a Roth this year, and the intitial total is $5,000.... in 5 years will I be able to withdraw that $5,000 without penalty? The reason I'm asking is I still haven't seen a definitive "conversion money will be treated as a contribution" statement from the Feds.Second question: Just to clarify... you're saying if I open a Roth IRA this year with a $2,000 contribution, next year I can withdraw $2,000 without penalty?Thanks,orangeblood
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