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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Is there any way to liquidate an IRA and utilize the money

Customer Question

Is there any way to liquidate an IRA and utilize the money to buy a house without being excessively taxed?
Submitted: 3 years ago.
Category: Tax
Expert:  Megan C replied 3 years ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

There is one way to get a penalty free withdrawal of your IRA account without having to pay the penalty

MyVirtualCPA :

That's if you are a first time homebuyer - you can get up to $10,000 for the down payment of your home or other acquisition costs

MyVirtualCPA :

However, if you are not a first time homeowner there is no penalty free withdrawal for you, unfortunately

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

If not, please rate my response as "excellent' so that I may receive credit for assisting you today

MyVirtualCPA :

You can read more about the first time homeowner IRA withdrawal here: http://www.hrblock.com/tax-answers/services/jsp/article.jsp?article_id=68091