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I had been thinking about the $10,000 for first-time home buyers withdrawal loophole.

The legal phrasing I keep seeing is "at least five years", but I can't tell how that applies. Does the IRA itself have to have been open for five years, or is the money itself supposed to be in there that long? And does the clock start ticking from the moment it was established as a conventional IRA, or only when it's been converted to a Roth?

My hope is that I can do this in 2.5 years, but if I can't, it's useless to me. (I'm not waiting five years to buy a home!)
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