Guest cmauronyc Posted June 3, 2002 Posted June 3, 2002 Can you take money out of your Roth Ira w/o paying penalties if you are using it to buy your first home?
papogi Posted June 4, 2002 Posted June 4, 2002 Yes. There is no tax and no penalty in this case. You have to use the money towards the house within 120 days of receiving it, and you can take out up to $10,000 for this purpose. If you are married, your spouse can take out $10,000 as well.
BPickerCPA Posted June 4, 2002 Posted June 4, 2002 There could well be income tax, if you take out earnings at this point. The Roth has to be more than five years old for earnings to be tax free, and that can't happen before 2003. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
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