Original Roth contribution withdrawal.

[Guest brown882]

Can I withdraw my original Roth contribution penalty/tax-free? I rolled over a 403b into an Ira which I then converted to a Roth. I have yet to pay my fourth and final income tax installment this Spring. I am not yet 59.5. Any help would be appreciated.

[Appleby]

Amounts converted to a Roth IRA must remain in the Roth IRA for five years in order to avoid the 10 percent additional tax (premature penalty). The penalty will not apply of the IRA holder meets one of the exception under 72(t), these include attaining age 59 ½. For the amounts that you converted 1998, you will not be able to take a penalty free distribution until 2003 ( unless you meet an exception)