I pointed out earlier that in the context of the OP, we were talking about the 5-yr conversion look-back rule, not the 5-yr-existence-of-the-Roth rule.
This is a little muddled, and would be completely incorrect except you add a vague "age 59 1/2 rule still applies". What do you mean by the "age 59 1/2 rule" with respect to Roth IRAs? Pub 590-B only mentions such a rule in connection with Traditional IRAs.
After the 5-yr conversion look-back period, taxpayer can take a penalty-free NON-qualified distribution of conversion contributions, just like direct contributions, at any time. And, after age 59.5, the 5-yr conversion rule no longer applies, at all, because (assuming the 5-yr-existence-of-the-Roth rule has been met, which is an assumption I have clearly applied throughout this discussion) it is a qualified distribution. That was the whole point I started with in my first contribution to this thread, which so many still don't seem to understand.
If even one person has learned the difference between a qualified distribution, a non-qualified distribution, and the exceptions to the 10% penalty on non-qualified distributions, I'll feel like my time here has not been for nought.
This is a little muddled, and would be completely incorrect except you add a vague "age 59 1/2 rule still applies". What do you mean by the "age 59 1/2 rule" with respect to Roth IRAs? Pub 590-B only mentions such a rule in connection with Traditional IRAs.
After the 5-yr conversion look-back period, taxpayer can take a penalty-free NON-qualified distribution of conversion contributions, just like direct contributions, at any time. And, after age 59.5, the 5-yr conversion rule no longer applies, at all, because (assuming the 5-yr-existence-of-the-Roth rule has been met, which is an assumption I have clearly applied throughout this discussion) it is a qualified distribution. That was the whole point I started with in my first contribution to this thread, which so many still don't seem to understand.
If even one person has learned the difference between a qualified distribution, a non-qualified distribution, and the exceptions to the 10% penalty on non-qualified distributions, I'll feel like my time here has not been for nought.
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