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by bburgess on June 23rd, 2006

bburgess

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Can I withdraw my money from a traditional IRA for the downpayment on a house without penalty?

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  • by Beachside_FinPlanner on April 25th, 2007

    Beachside_FinPlanner

    If this is your first home purchase yes--up to a limit.

    If your IRA ia over 5 years old:
    You can withdraw up to $10,000 tax-free and penalty free.

    If your IRA is under 5 years old:
    You can withdraw money for first-time home purchase expenses, but it is subject to normal income tax.

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