A:

Because you are over age 59 ½, you will not owe any early-distribution penalty on any distributions you take from your Roth IRA. Also, because it has been more than five years since you established your first Roth IRA and you meet one of the exceptions (being at least age 59 ½), you will not owe tax on any distributions from your Roth IRA.



This question was answered by Denise Appleby
(Contact Denise)



Hot Definitions
  1. Fiduciary

    A fiduciary is a person who acts on behalf of another person, or persons to manage assets.
  2. Sharpe Ratio

    The Sharpe Ratio is a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such ...
  3. Death Taxes

    Taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the ...
  4. Retained Earnings

    Retained earnings is the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested ...
  5. Demand Elasticity

    In economics, the demand elasticity refers to how sensitive the demand for a good is to changes in other economic variables. ...
  6. Dark Pool

    A dark pool is a private financial forum or exchange for trading securities.
Trading Center