Did you know that Roth IRAs have rules that, if broken, could result in taxes and penalties? Let’s review three Roth IRA five-year rules.
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— About Patrick King CFP® —
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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Thank you! I have three questions. First, do I have to wait 5 years to withdraw Roth rollover funds? I'll be rolling over from my work's Roth 457b (Deferred Comp) plan when I retire over to my TDAmeritrade (Soon to be Charles Schwab) Self-Directed Roth IRA account. Second, is that only on the "gains", not the initial rollover amount? Example: I roll over $12,415. I earn $3,000. I have to wait 5 years to withdraw the $3,000, but I can still withdraw the $12,415? Third, I made contributions older than 5 years. Does that mean any gains I realize are tax free for withdrawal after 59 1/2? I'm think the answer is yes. It's too bad the Broker can't keep track of this for their customers. They (TD Ameritrade) do tell me how much I can contribute for the year, so that's nice…
62 year old does a Roth Conversion in an account that was started 10 years ago they take out the principal And growth a year later. No 10% penalty but the growth portion would be taxed correct?