Consolidating roth iras

24-Nov-2019 10:37

One applies to the general waiting period before you can take withdrawals of investment earnings (also known as distributions), another applies to Roth conversions, and the final pertains to beneficiaries. The five-year rule for Roth IRA withdrawals of investment earnings requires that you hold your account for at least five years before you can tap those earnings without incurring a penalty.It’s important to note this rule applies specifically to investment earnings.Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues.Our estimates are based on past market performance, and past performance is not a guarantee of future performance.If you don’t wait the requisite five-year period from conversion to withdrawal, you may have to pay a 10% penalty, along with any income taxes owed.

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He has three retirement plans with former employers [a profit sharing plan, a target benefit plan and a 403(b) plan], four Traditional IRAs, a SIMPLE IRA, two Roth IRAs, an Individual(k) plan he established when he owned his own business, and a Thrift Savings Plan he now has as an employee of the federal government.

» Read more: Learn about your options when you inherit an IRA As a result, if you find yourself to be the beneficiary of a Roth IRA, double-check the timing of initial contributions, conversions or rollovers.

Distributions of earnings and rollovers won’t necessarily qualify as tax-free if any of the five-year rules prohibit it, even though the original owner of the Roth IRA has died.

Those amounts will be included in the beneficiary’s gross income and therefore subject to income taxes, just as if the money had gone to the original IRA owner instead.

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The contributions you’ve made can be withdrawn at any time because you’ve already paid taxes on this money.

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