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I am 69 years old, if I contribute to a Roth IRA for 2024, does the 5 year rule still apply? Or could I withdraw from it before 5 years?
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1) Contributions can ALWAYS be distributed without tax and without penalty.
2) Since you are over 59.5 years old, there can never be a 10% penalty.
3) if the oldest Roth account has been open for 5 calendar years and if you distribute the earnings, there is no tax on the earnings.
4) if the oldest Roth account has NOT been open for 5 calendar years and if you distribute the earnings, there is tax on the earnings.
4) the IRS assumes that all contributions are distributed before any earnings are distributed.
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