Tax Law (Questions About Taxes)/roth ira distribution


hi john, i opened a roth ira in dec 22, 2010.  i am 83 years old and work part time so i can make earned contribution.  i read that in order to withdraw money of the gain tax free i need to be 59 1/2 and hold account for 5 years.  well, i meet the age requirement. however, i still need to wait for 5 years account since i setup the account.  my question is as follow:  will the five years will be met on 12/22/2105 or can i withdraw after 12/22/2014 if we count 2010 as a full year?  in other words, can you tell me from irs perpective when my account will complete the 5 years if i opened it in 12/22/2010?  thanks


Thanks for your question.

The five-year period begins on the first day of the tax year in which you make a contribution.  Therefore, the five-years began for you on 1/1/2010. So you can withdraw funds after 1/1/2015.

Hope this helps.

John Stancil, CPA  

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John Stancil, CPA


I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I am Professor Emeritus at Florida Southern College. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a CPA practice, specializing in tax, for over 35 years. I am a member of the National Association of Tax Professionals, The Florida Insititute of CPA's, The NCPE Fellowship. In addition I am a Certified Mentor for SCORE. Visit my website at I also offer seminars and consultations to churches and clergy on their tax issues at Also visit my blog, I am listed on Tax Connections at Prepare and file your own taxes at


I hold a doctorate in Accounting, and am a CPA. My certifications of CIA, CFM, and CMA are inactive. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I have operated a CPA firm for over 37 years and have taught accounting and tax at the college level for over 35 years.

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DBA University of Memphis MBA University of Georgia BS in Accounting Mars Hill University

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