Dec
3
I have $10,000 in a traditional IRA and I want to buy my first house this summer. The $10,000 would help me with pulling together enough money for a down payment. I would like to use it for this, but I don’t want to have to pay a penalty for an early withdrawal. I am 32 years old. Any advice?
2 comments so far...
http://www.irs.gov/taxtopics/tc558.html
Yes. Also, if married your wife could do the same. Ordinary income taxes do apply. Some restrictions apply (length you can hold $s before closing for example), so make sure you are careful.
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