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The 5 year requirement applies only to conversions.

No. It applies separately to each conversion.

You also have to have a Roth IRA open for at least 5 years before you can take tax and penalty free withdrawals of earnings. (You also have to be over 59.5 years of age, or meet one of the other exceptions.)

I think it's this second requirement that the OP is concerned about.

--Peter
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