Roth IRA withdrawal guidelines. This Directive addresses the North Carolina income tax consequences of contributions to and distributions from a Roth IRA.When Early Roth Distributions Can Be Made. This is true for traditional IRAs, as well as SEP and SIMPLE IRAs. How long do I have to roll over a distribution from a retirement plan to an IRA? Members should fill out and submit Form 5 (Withdrawing Your Retirement Service Credit and Contributions) to the Retirement Systems Division. You can leave amounts in your Roth IRA as long as you live. The account or annuity must be designated as a Roth IRA when it is set up. People over age 59½ who've held their accounts for at least five years can withdraw contributions and earnings with no tax or penalty. In general, you're not supposed to take money out of your IRA or 401(k) before age 59½.