I established my first and only Roth IRA early in 2009, converting $50,000 in securities from my conventional IRA at the bottom of the market crash. I will pay income tax on the $50,000 converted. The Roth IRA is now worth $80,000. I am 74 years old.

Q1: Do I understand correctly that I can take up to $50,000 out as a tax-free distribution in 2010?

Q2: Do I understand correctly that any amount taken out over $50,000 in 2010 would be taxable as income but would be tax free in 2014 after the 5 year waiting period?

Q3: Do I understand correctly that the 10% penalty does not apply to me?