USA Traditional IRA for home purchase


Joined
Sep 12, 2019
Messages
3
Reaction score
0
Country
United States
Hi. I'm buying a house, primary residence, and would like to withdraw the max 10k to avoid the penalty. I'm not a first time buyer but I haven't owned a home in about ten years. What is the definition of first time buyer? Also, if I take the money out and it's getting close to 120 days without a closing, can I add that money back into a traditional IRA to avoid the penalty?
 
Ad

Advertisements

Joined
Sep 12, 2019
Messages
3
Reaction score
0
Country
United States
Thank you. The question is more about whether the irs will penalize me 10% if I return the money or open a different traditional IRA with the money prior to the end of the 120 days.
 

kirby

VIP Member
Joined
May 12, 2011
Messages
1,799
Reaction score
240
Country
United States
This source says no penalty

Also, IRS states this - see bottom of IRS pub 590B page 24 left column

But still verify in writing with your IRA provider that they can do this correctly, just to be safe.
 
Last edited:
Ad

Advertisements

Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top