447 | Mailbag: Breaking up with your Advisor, I Bonds, 4% Rule, Accounts for Kids, Roth IRAs | Sean Mullaney
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Example: 5 year rule on Roth IRA
If someone with a Roth IRA withdraws their contributions within the first 2.5 years, they'll be hit with a 10% early withdrawal penalty. If they wait past that, they can withdraw all the conversion amount. However, if they dip into the earnings before the fifth tax year, they'll have to pay income tax on them, even if they're over 59 and a half.
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