I know that in an emergency I could pull my contributions out at any time (tax and penalty free). But I would like to know if the 5 year clock (for withdrawing earnings without penalty) was reset after I moved the money from an account with company A to a new account with company B?
Thanks!
You are a bit off. From the IRS website:
"What Are Qualified Distributions?
A qualified distribution is any payment or distribution from your Roth IRA that meets the following requirements.
It is made after the 5-year period beginning with the first taxable year for which a contribution was made to a Roth IRA set up for your benefit,
andThe payment or distribution is:
Made on or after the date you reach age 59½,
Made because you are disabled (defined earlier),
Made to a beneficiary or to your estate after your death, or
One that meets the requirements listed under First home under Exceptions in chapter 1 (up to a $10,000 lifetime limit)." (Emphasis added.)
So the five year window will not allow you to withdraw earnings, unless for a distribution outlined above.