Qualified First Time Home Purchase
Topic Number 557 – Additional Tax on Early Distributions from Traditional and Roth IRAs To discourage the use of IRA distributions for purposes other than retirement, you’ll be assessed an additional 10% tax on early distributions from traditional and Roth IRAs, unless an exception applies.
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It does. If you’ve owned a Roth IRA for at least five years, any distributions used for a first-time home purchase (subject to the $10,000 lifetime limit) are treated as qualified distributions. That. With that said, similar to a traditional IRA, you may use up to $10,000 from your Roth IRA toward the purchase of your first home.
What is the rule about using IRA money for a home purchase, and what proof do I need to provide at tax time to show that the withdrawal was for that reason? RELATED LINKS The New First-Time Home.
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Thus, for example, you could withdraw $10,000 from your IRA and give it to your son or daughter to help purchase a home. So long as the child is a first-time home buyer, you won’t have to pay any penalty on the withdrawal. You can make more than one withdrawal for these purposes, but all your first-time home buyer withdrawals cannot exceed $10,000.
Qualified first-time home purchase A non-qualified distribution is subject to taxation of earnings and a 10% additional tax unless an exception applies. For Roth IRAs, you can always remove post-tax contributions (also known as "basis") from your Roth IRA without penalty.
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There are several ways to use retirement funds to put a down payment on a home. Here are the basic options to tap into retirement savings to purchase your first home: 401(k) loan. If you withdraw funds.