Yes correct and RR007 was on target too! And to
Post# of 82672
(Total Views: 363)
Posted On: 12/11/2018 8:07:09 PM
Yes correct and RR007 was on target too!
And to maronti, sorry I was off-target when I stated the 5 year rule in my first post about ROTH IRA the other day - sorry for the confusion paesano! So if you already have an active ROTH that you have contributed to for at least 5 years, you're good to go! BUT....Yes, check back with your CPA on ROTH rules and show the person what the ROTH website states.
https://www.rothira.com/roth-ira-withdrawal-rules
2) Roth IRA Five-Year Rule
Withdrawals from your Roth IRA will only be classified as qualified distributions if it has been at least five years since you first opened and contributed to your Roth IRA, regardless of your age when you opened it. An IRA owner can make penalty-free withdrawals at age 59½, for instance, but if he or she made the first contribution at age 58 , the plan participant would need to wait until age 63 to withdraw any earnings made on that portion of the original contributions.
Best,
R2R
And to maronti, sorry I was off-target when I stated the 5 year rule in my first post about ROTH IRA the other day - sorry for the confusion paesano! So if you already have an active ROTH that you have contributed to for at least 5 years, you're good to go! BUT....Yes, check back with your CPA on ROTH rules and show the person what the ROTH website states.
https://www.rothira.com/roth-ira-withdrawal-rules
2) Roth IRA Five-Year Rule
Withdrawals from your Roth IRA will only be classified as qualified distributions if it has been at least five years since you first opened and contributed to your Roth IRA, regardless of your age when you opened it. An IRA owner can make penalty-free withdrawals at age 59½, for instance, but if he or she made the first contribution at age 58 , the plan participant would need to wait until age 63 to withdraw any earnings made on that portion of the original contributions.
Best,
R2R
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