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If this was a conversion there is a 5-year clock that the converted fund has--withdrawals of converted monies before the end of 5 years has penalties unless one is already 59.5 years old and has had a Roth IRA for at least 5 years when the converted funds are withdrawn.

I have just a minor correction to this excellent response. If one is over the age of 59 1/2, then how long the Roth IRA has been open is immaterial. The converted money may be taken free of taxes (they've already been paid) and free of the early withdrawal penalty (the magic age has already been reached). Indeed, it's as if the converted money was still in the TIRA except that the taxes due on withdrawal from the TIRA were paid in advance.

OTOH, if earnings on the converted money are withdrawn from the Roth before the five years run, then those withdrawals will be taxed. Because of age, no penalty is involved, but taxes are because the five years have yet to run to avoid them.

Regards ... Pixy
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