Guest ah7736 Posted June 12, 2001 Posted June 12, 2001 Can someone please help me? If an individual wishes to withdraw contributions only from a Roth IRA for the purpose of purchasing a home as a first time homebuyer, but the IRA has only been in existence for four years, what would be the penalty? Would you only have to pay the 10% early distribution, would you have to consider these monies as income along with the 10% early distribution penalty, or would this be considered a qualified distribution? Any help on this matter would be greatly appreciated. Thanks
BPickerCPA Posted June 13, 2001 Posted June 13, 2001 If you are talking about withdrawing the $2,000 per year contributions, those can be withdrawn at any time, for any purpose, without tax or penalty. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
Guest Jane Stack Posted June 22, 2001 Posted June 22, 2001 I need a basic primer on the distribution phase of Roth IRA's. I understand that the owner of the Roth can withdraw funds tax-free. What about the owners beneficiaries?
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