ERHC Energy Inc (ERHE)

[robjer]

Imhags, just so you're clear, that 5-year period is the length of time the Roth has been set-up, not a 5-year wait to withdraw funds placed or converted. So if you set up a Roth 5 or more years ago, you could withdraw all your ERHE funds next year or sooner tax-free if you're of age--no 5 year hold on ERHE shares you convert to Roth

Here's the quote:

In order for withdrawals of growth from a Roth to be tax-free, clients have to wait until the first day of the fifth year after the year the Roth IRA was set up. This is the so-called five-year rule (i.e., if you opened a Roth between Jan. 1 and April 15 of 2009 as a 2008 account, the five-year clock would start on Jan. 1, 2008). In addition, the taxpayer must be either over age 591/2, already deceased, suffering a permanent or total disability, or eligible for special first-time homebuyer treatment (for a limited dollar amount).