kbeers
Mar 16 2000, 02:21 AM
I have an annuity from a previous employer of about $15,000 in TIAA-CREF. Is it possible to roll this over into an IRA (from what I understand it must be traditional)? Then at that point if the monies are in an IRA is it possible to take a portion for a downpayment for a first time homebuyer or would it be more beneficial to convert it to a Roth IRA and then take monies for a downpayment. In either case, what would be the penalities/taxes involved? Thanks.
BPickerCPA
Mar 16 2000, 04:45 PM
You can roll it into a traditional IRA and take up to $10K for a qualified first time home purchase, penalty free. You will still pay income tax on the withdrawal.
------------------
Barry Picker, CPA/PFS, CFP
New York, NY