I am 64 years old and retired. I owed tax last year to both the IRS and the state. Enough so that I got a disbursement from my Roth IRA to cover the taxes. Will I owe 10% on the disbursement?

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AI accountant’s answer:

Nope, you're in the clear! Distributions from a Roth IRA are generally tax-free if you're at least 59 1/2 years old, which you are. This includes both your original contributions and any earnings. So, you won't owe the 10% early withdrawal penalty or any income tax on the amount you took out to cover your tax bill. Just remember, this only applies if you've had the Roth IRA for at least five years. If it's less than five years old, the earnings might be taxable.

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