Withdraw from ROTH >59 1/2
I have a client that wants to contribute to his first ROTH ever. He is 60 years old. Can he take back the contributions tax and penalty free at any time as long as he doesn’t touch earnings or the 5 year rule applies because he has never owned a ROTH?
Permalink Submitted by Alan - IRA critic on Wed, 2017-06-21 17:00
Like Roth owners of any age, he can withdraw his regular contribution balance tax and penalty free anytime. But if he withdrew more than he contributed the earnings included in the distribution would be taxable until the 5 year holding period has been satisfied.