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by edward keegan on December 29th, 2004

edward keegan

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Can I withdraw from my tax-deferred IRA without penalty to help purchase a new manufactured home?

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  • by Beachside_FinPlanner on April 25th, 2007

    Beachside_FinPlanner

    You can withdraw from your IRA penalty free only if this is a first time home purchase.

    If your IRA is over 5 years old:
    You can withdraw up to $10,000 tax and penalty free for first-time home purchase expenses.

    If your IRA is under 5 years old:
    You can withdraw money penalty free, but you'll still need to pay income tax on the money withdrawn.

    Just to make sure we're talking about the same thing, these rules wold apply to a MANUFACTURED home (looks like a traditional single-family home), but not a MOBILE home.

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