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<<Last fall at age 60, I converted my traditional
IRA to a Roth.>>

Good for you...

<<Can I withdraw the 25K that was the basis for my
traditional IRA without penalty or must I wait for the
five year period to run?>> order for you to get out penalty free, you need to keep the funds in for the required five tax years. If you were planning on a distribution, you would have likely been better off taking the distribution out of your Roth IRA last fall when you turned 60. You distribution would not have been subject to penalty because you were over age 59 1/2 and some of your distribution would not have been subject to tax because you would have recovered some of your basis on the distribution.

You can read more about Roth IRA distributions in the Taxes FAQ area.

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