Replies to post #798979 on NorthWest Biotherapeutics Inc (NWBO)

[KevGee59]

So I Googled it again. And you are correct. You don't have to wait 5 years to use the Converted amount, if you are 59 1/2 or older. As long as you've had the Roth open for at least 5 years.
But...the 5 year wait does apply to the gains...or earnings from that Conversion.

Roth conversion withdrawal rules after age 59½

Withdrawing the converted amount: You can withdraw the amount you converted (the principal) at any time without penalty because you are over 59½.

Withdrawing the earnings: The earnings on the converted amount are subject to the separate 5-year rule for that specific conversion. You must wait five years from January 1 of the year you made the conversion to withdraw the earnings without a 10% penalty or income tax.

Example: If you convert money from a traditional IRA to a new Roth IRA in 2024 at age 60, you can withdraw the converted amount (the principal) anytime in 2024 without penalty. However, you must wait until 2029 (five years after 2024) to withdraw the earnings without penalty.

[LTR]

Not true sukus. to avoid penalty the roth has to be open 5 years, no matter what your age is. Look up the rules.