roth IRA distributions

[Guest johnr]

I know this has been asked plenty, but....

I'm 53, and started my roth in 2000 with a conversion from a traditional IRA. Made a $3000 contribution in 2002. I want to take out the contribution and original conversion amount this year, it comes out to app. $12000.

The way I understand it, the $3000 contribution is completely tax and penalty free. The original $9000 conversion is tax free, but subject to a 10% penalty and would show up on line 60 of the 1040 form.

In other words, I'd owe about $900 by taking this amount out in a distribution. Does that sound accurate?

I know there will be questions as to why I would take any out of the roth in this way, but I have my reasons.

Thanks folks!

[Appleby]

A distribution of the $3,000 regular contribution is tax and penalty-free

A distribution of the Roth conversion amount would be tax-free. It would also be penalty-free if the conversion has aged at least five-years. Any amount converted in 2000 aged five years at the end of 2004

If your aggregate distributions to date, from your Roth IRA exceed your aggregate contributions +conversions, the amount by which the (contribution + conversion) is exceeded is attributable to earnings.

The earnings are subject to income tax and early distribution penalties., unless the distribution is qualified. The penalty is waived if an exception applies