Withdrawals must be taken after age 59½. Withdrawals must be taken after a five-year holding period.Taking money from your retirement plan? The distribution is paid in a direct trustee-to-trustee transfer (rollover) to a Roth IRA maintained for the benefit of the designated beneficiary. You can withdraw your Roth IRA contributions at any time, tax-free and penalty-free. If you wish to withdraw your earnings from a Roth IRA without paying taxes, you must be 59½ and must have held the Roth IRA for at least five years. 1 However, there are special circumstances that allow early withdrawals from a traditional IRA and Roth IRA without penalty. Distributions. For both federal and State tax purposes, a qualified distribution from a Roth IRA is not includable in income. Withdrawal rules vary, depending on whether you have a traditional or Roth IRA and, generally, your age.