First Time Home Buyer IRA Withdrawal
Published on February 8, 2007
In the light of recent events of buying a home, I was thinking about taking some money out of my Roth IRA to pay down some of the closing costs. I was reading on the web and there are a few simple rules to avoiding the 10% penalty for early withdrawal and taxes. Technically, you must meet two of the requirements to receive a qualified distribution. The law now allows individuals to receive distributions from their traditional IRAs to pay up to $10,000 of first time homebuyer expenses without incurring the 10% early withdrawal penalty that usually applies to withdrawals from traditional IRA before 59 1/2. But… Read on »
