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There are two types of Roth IRA Distributions: Qualified and Non Qualified Distributions. When you withdraw a Qualified Distribution your distribution is tax and penalty free. On the contrary, Non Qualified Distributions are subject to taxes and penalties. Qualified Distributions include:
· Distributions made on or after the date that you turn 59 ½ years old.
· Distributions made to your beneficiaries after you pass away.
· Distributions due to a disability.
· Distributions for a first time home buying program, however, there is a $10,000 limit.