3dbdown

My question is specific to a Roth conversion from an IRA after age 59 1/2. I am 60.

With the standard deduction we would be able to convert ~$35k from an IRA to a Roth and still stay in the 12% tax bracket.

I am seeing confusing advice/opinions on the 5 year rule after age 59 1/2.

1). If I did the conversion could I immediately take money from the Roth, penalty and tax free, without waiting 5 years since I am over 59 1/2?

2). Do I have to wait 5 years to withdraw any earnings from that conversion, penalty and tax free, or are there no penalties at all after age 59 1/2?

Thanks.