Robin Southern - Assignment 4.docx - Robin Southern Penalty-free IRA Withdrawals for Home Purchase Summary REST-4304-011 Spring 2018 This article

Robin Southern - Assignment 4.docx - Robin Southern...

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Robin Southern Penalty-free IRA Withdrawals for Home Purchase - Summary REST-4304-011 Spring 2018 This article describes the qualifications for withdrawing money from your Ira in order to purchase a home and avoid paying penalties. You are allowed to take out a lifetime maximum of $10,000 as a “first-time” homebuyer. A first-time homebuyer is someone who has not owned a home in the prior two years. So, you can have owned a home previously. Also, you can only use the first-time homebuyer exemption once in your lifetime. You can also use the exemption to help purchase a home for a qualifying relative, such as a child or grandchild.
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  • Spring '18
  • Penalty, Roth IRA, traditional ira, first-time homebuyer

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