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I'm thinking of transferring money from a traditional IRA to a Roth IRA. And I also expect that I might need some of that money before I'm 59-½.

#1: As I understand it, I'll have to pay income tax on that amount, but not the 10% penalty. This is called a conversion contribution.

Is #1 correct?

#2: I can withdraw regular contributions (made before the current tax year) to my Roth IRA without penalty, because the contributions were made post tax.

Is #2 correct?

#3: If I make a conversion contribution this year, I can withdraw it next year without penalty?

Is #3 correct?

#4: If all of these are correct, then this is a way to get money out of an IRA and skip the 10% penalty, so long as I'm willing to wait until January 1st of next year.

Is #4 correct?

#5: I can, on December 31, transfer all the money in my traditional IRA to my Roth IRA, and only pay the regular income tax on it, then, the very next day, withdraw that money from the Roth IRA with no penalty.

Is #5 correct?
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