Roth Ira Distributions

[Guest APPPRO]

HI.

I need to make a withdrawal from my Roth IRA. This Roth was converted from a Traditional IRA in 1998.

1. 10% penalty does it apply.

2. Are there any other penalties.

Thxs.

[papogi]

I assume you've paid taxes on the conversion over the past four years. The 10% penalty still applies in this year (you are about to satisfy the 5 year provision). If you wait until 2003, there will be no penalty and no taxes on any distribution that represents your converted amount.

[Guest APPPRO]

Thank You. Yes all taxes were paid.