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Rahul1980

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exceptions for withdrawing from converted roth IRA
if I am a first time homebuyer, can I withdraw contribution from my "converted " (or backdoor ) Roth IRA before the 5 years rule & before reaching 59 1/2 years of age without paying the 10% penalty?

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I would speak to a tax consultant or financial planner to be sure, but below is what my research turned up:

Withdrawals from a Roth IRA you've had less than five years.

If you take a distribution of Roth IRA earnings before you reach age 59½ and before the account is five years old, the earnings may be subject to taxes and penalties. You may be able to avoid penalties (but not taxes) in the following situations:

  • You use the withdrawal (up to a $10,000 lifetime maximum) to pay for a first-time home purchase.
  • You use the withdrawal to pay for qualified education expenses.
  • You're at least age 59½.
  • You become disabled or pass away.
  • You use the withdrawal to pay for unreimbursed medical expenses or health insurance if you’re unemployed.
  • The distribution is made in substantially equal periodic payments.1

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