To take qualified Roth IRA distributions, your initial Roth IRA (your “2024 Roth IRA”) must be 5 tax-years old. If you funded your initial Roth IRA in calendar year 2024 with a 2024 tax year contribution, then the start of the 5-year clock is 1/1/24. At age 59-1/2+, distributions from any of your Roth IRAs are qualified beginning 1/1/29.
See IRS Publication 590-B, specifically the section “Roth IRAs - what are qualified distributions” here:
https://www.irs.gov/publications/p590b# ... k100089543
imo if you have to educate your tax people about this, you need better tax people. This is pretty basic stuff.
See IRS Publication 590-B, specifically the section “Roth IRAs - what are qualified distributions” here:
https://www.irs.gov/publications/p590b# ... k100089543
imo if you have to educate your tax people about this, you need better tax people. This is pretty basic stuff.
Statistics: Posted by HomeStretch — Sat Mar 15, 2025 6:02 am — Replies 2 — Views 107