An IRA expert out there that Ed knows and respects just said something on his radio broadcast tonight that is quite different than what my custodian, Fidelity, has said so I am hoping to find out who is right. I am well under 59.5 and have done several Roth conversions over the last few years including a substantial one this year. All of the conversions were done after the Roth receiving the conversions was over 5 years old. Fidelity has told me that each converted amount starts its own 5 year clock (starting Jan 1 of the year of the conversion so usually never a full 5 years) before the converted amount can be withdrawn tax and penalty free and that if the gains on the converted amount were to be withdrawan at any time, even after this same 5 year period, they would be taxed and have a 10% penalty for being pre 59.5. The expert said tonight that there is no clock (5 years or otherwise) on the converted amount so it could be withdrawan tax and penalty free the day after the conversion. The gains on the conversion would be treated as described by Fidelity. On the converted amounts specifically, who is right?