when can you withdraw from roth ira

You can withdraw from a Roth IRA under these general rules:

• You can withdraw your contributions (the money you put in) at any time, tax- and penalty-free.
• To withdraw earnings (the money your investments earned) tax- and penalty-free, you must satisfy two conditions:
  1. The account must have been open for at least five tax years (the 5-year rule applies from January 1 of the year of your first contribution).
  2. You must be at least 59½ years old or meet other qualifying conditions such as permanent disability, a first-time home purchase (up to $10,000), or death.

If you withdraw earnings before meeting the above, you may owe income taxes and a 10% early withdrawal penalty. In summary:

Withdrawal Type| Age Requirement| 5-Year Rule Requirement| Tax and Penalty Status
---|---|---|---
Contributions| None| None| Tax- and penalty-free at any time
Earnings| 59½ or qualifying event| Must be 5 years since first contribution| Tax- and penalty-free if conditions met, otherwise taxes and 10% penalty

These rules also apply if you converted funds from a traditional IRA to a Roth IRA, but each conversion has its own 5-year wait period. There is no mandatory withdrawal age for Roth IRAs, unlike traditional IRAs which require minimum distributions beginning at age 73.