1Any earnings on Roth IRA contributions can generally be withdrawn federal income tax-free if you meet the two requirements for a “qualified distribution”: 1) At least five years must have elapsed from the first day of the year of your initial contribution or conversion, if earlier, and 2) You must have reached age 59½ or become disabled or deceased. If you take a non-qualified withdrawal of your Roth IRA contributions, any Roth IRA investment returns are subject to regular income taxes, plus a possible 10% additional federal tax if withdrawn before age 59½, unless an exception applies. State income tax laws vary; consult a tax professional to determine how your state treats Roth IRA distributions.
2State tax laws vary. Consult your legal and/or tax advisor before making any financial decisions.
3Effective January 1, 2023, a tax law change increased the applicable age for RMDs to 73 for individuals who turn age 72 on or after January 1, 2023, and who turn age 73 before January 1, 2033. If you were age 72 or older as of December 31, 2022, you are subject to the RMD rules in effect prior to January 1, 2023. If you turn age 74 on or after January 1, 2033, the applicable age is 75.