Roth contributions are withdrawable at any time, for any reason, without tax or penalty.
Yes, Roth earnings withdrawn prior to age 59.5 may be liable for both tax and penalty.
Ok thanks yes that was my initial clarifying question -
How exactly do you report whats a contribution and what's earnings in 10 year's time then? Each year you report your IRA base and then as long as you don't withdraw more than that before 59.5 it's never taxed?
E.g - I contribute the max of $11, 000 a year (for both spouse and I) for 10 years = I can withdraw $110, 000 before 59.5 without penalty or tax attached?
To get me to 59.5 I can also do the conversion ladder with a 401k/403B, and I can also use my 457b if i leave my employer (as you can use this penalty free before 59.5?