After 59 1/2, you can withdraw money from Roth IRA accounts with no penalty or no tax. How specifically is that done? Do you have to tell the government you are withdrawing the money on some forms? IRS or otherwise? Do brokers just give checkbooks and you just withdraw it on your own with no need to tell anyone after 59 1/2?
I guess you can transfer money out to a bank account, or instead use a broker provided debit card or checks. Pretty sure you don't have to report anything to the IRS if you are older than 59.5. But you should meet with a financial planner and ask this question to be super sure about it.
Schwab and Fidelity you open or have already opened a checking account attached to the Roth and then you move money from the Roth into it. They will still file and send a 1099R form and show it as Nontaxable distribution. BTW interest in the checking is taxable so you may not want to transfer into the checking until you need it.
You can use your broker's IRA Distribution Form, which you may be able to submit online. Take a distribution from your IRA via internal transfer, ACH, wire, or check.
You will receive a 1099-R for ANY withdraw from a Roth IRA. Remember, there are two components... contributions AND earnings. For a tax-free, penalty-free withdraw, you must be age 59.5 AND have held the account for at least 5 years. Outside those requirements, the contributions, the earnings, and the reason for withdraw will influence the tax and/or penalty status of the withdraw. Additionally, there are some specifics associated with the CARES Act regarding withdraws. Talk to your broker.
%% NO,dont have to tell any one./because any US broker will help with that. BUT check with a cpa/and or your broker, i think after a certain age the IRS requires you to.The few that offer checkbooks will still notify the gov,when required. YOU dont even have to tell irs if you withdraw early from a regular IRA/but they notify irs + there is a penalty in addition to maybe tax due/because in many cases, you wrote that off against earlier taxes............................................................................. A cpa can make mistakes also/one told me roth may not be the best.OK, but its less hassle/no tax on it.
My wife and I have 4 Roth IRAs combined. We have worked for the last 15 years to know many of the ins and outs. Not an expert, but studied it quite a bit. You do not have to touch your Roth when your are 59 1/2...You can (meeting all the requirements), but you DO NOT HAVE TO!! You do not have to start taking distributions after 70 either...IRAs yes...ROTH IRAs, no. The taxes have been paid. Years that we made small income, we would transfer money from our IRAs to our ROTH IRAs...Pay the taxes those years. Way back when I had a keogh plan. When I was done farming I transferred it to my IRA. Keoghs are not used much anymore...Too much paperwork. We would also start with 401Ks working different places...When we were done working, we would transfer to IRAs, then to ROTH IRAs over the years. ROTHs can pass through your estate tax free. Your beneficiaries do not have to touch the money for ten years after the estate closes!! It also can grow tax free during those ten years!!! The ROTH IRA for the most part, can not be touched in bankruptcy. If you have a business or could get sued, keep the ROTH till last. Schwab and Fidelity are really the best for IRAs and ROTH IRAs. It is their sweet spot. Disclaimer..I do own stock in Schwab. The ROTH IRA, like the 401K, are the best things going for small investors/workers. Use it to the max.
%% SCHW has been one of the all time great %% gainers; I have a big book by a tax lawyer about paying//you guessed it\ not so much tax.......................................................................................................... I had a TN tax collector send me a bill this year for 2012; i emailed them back,after looking up that year,thank God i saved the paperwork. Strange bill, it seemed like they were asking me if i was dumb enough to send them money i maybe dont owe/LOL?? BUT i simply asked them ,since they had dated part of it on Sunday,maybe a clue i did not owe it. Anyway i asked them if i was due a refund since average milage is 12,000 /year +$00. .50 per year or more irs milage.......She never replied so i guess i'm ok. Tax collectors can be strange/i read in the paper, TN tax collection$ are up in this so called virus year/LOL