What is a Qualified Roth withdrawal and how is it taxed?

A Qualified withdrawal is a tax-free distribution that is not subject to taxes or penalties. The IRS requires both of the following conditions to be met in order for a withdrawal to be designated as Qualified:

1. Your Roth account must be open for at least five years. This begins on January 1^st of the tax year in which you made your first Roth contribution.
2. You must be at least 59½ at the time of distribution.

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