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I have a roth IRA account and I would like to withdrawal
I have a roth IRA account and I would like to withdrawal some of my previous contributions to help with my first time home purchase? I was told I could do this without penalty. Can you give me more in… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
6,042 satisfied customers
Do you have insight on IRA withdrawals? In August 2015, I
hello Pearl, do you have insight on IRA withdrawals? … read more
Tax.appeal.168
Tax.appeal.168
Principal
8,674 satisfied customers
can one withdraw $10000 from ira or roth ira to buy first house
can one withdraw $10000 from ira or roth ira to buy first house in india and avoid 10% penalty for early withdrawal. If one has $15k of initial contribution in roth ira, then one can withdraw as much … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Question: My Fiancee and I are about to buy a new house. This
Question: My Fiancee and I are about to buy a new house. This is the second house I've ever owned. I had a house back in 2004-2006 with my first wife. In order to put down a payment on this new house,… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,023 satisfied customers
I rolled over a 401K from a previous employer into a traditional
I rolled over a 401K from a previous employer into a traditional IRA in June 2013. I'm buying a house (not my first) that is in need of repairs and I'm thinking of an early withdrawl from my IRA. With… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,122 satisfied customers
I'm aware that there are certain exceptions for reducing the
I'm aware that there are certain exceptions for reducing the penalty amount applied to a 401k early withdrawal, i.e. withdrawing funds for a first time home purchase and higher education costs (which … read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
1,326 satisfied customers
Since I paid no taxes due to business losses, it was suggested
Since I paid no taxes due to business losses, it was suggested to me that I buy the house with IRA funds and pay the penalty since the 10% will likely not be added to very high tax rate. May I do this… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
Can I withdraw from my 401K for a first-time home purchase?
Can I withdraw money from my 401k for a first-time home purchase? I am a first-time home buyer. Not a loan, but a withdrawal. How much can I take out? How much will be taxed? What is the penalty or fe… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,674 satisfied customers
I have an interesting scenario you might be able to help with.
I have an interesting scenario you might be able to help with. Here are the details: I have 20K in a simple IRA that I just opened a month ago as a rollover from my old 401K (I have a new employer). U… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,980 satisfied customers
I am 62 years old. I have a little money in an IRA and would
I am 62 years old. I have a little money in an IRA and would like to give $10,000 to my son as a down payment on a new home. Is this tax deductible?… read more
winktax
winktax
Enrolled Agent
Master's Degree
346 satisfied customers
Hello Ed, My husband and I now owe close to 15K in taxes due
Hello Ed, My husband and I now owe close to 15K in taxes due to wrong information on our income taxes of 2007. We purchased our first home in 2007 with our 401k funds. Unfortunately since my husband h… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I withdrew my pension early and used it for a down payment
I withdrew my pension early and used it for a down payment on a home. I was required to pay off my bills and put 30% down for my mortgage. Can I claim any of my pension for write off? I had to pay a s… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Ive heard that I can avoid the tax penalty fee for withdrawing
I've heard that I can avoid the tax penalty fee for withdrawing my retirement fund early because I'm buying my first home - is this true?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Looking to set up a roth IRA Account with a Forex broker.
Looking to set up a roth IRA Account with a Forex broker. can you have more than one roth IRA? Can you remove the funds after a period of time to buy a house? Do you pay taxes on those funds?… read more
Bill
Bill
Master's Degree
2,074 satisfied customers
If I make an early withdrawal from my 401k to use towards ...
If I make an early withdrawal from my 401k to use towards the purchase of a home, will I still have to pay the early withdrawal penalty and interest?… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
Can money be withdrawn from an IRA be used as a down
Can money be withdrawn from an IRA be used as a down payment on a primary residence without it being penalized with income tax?… read more
WebTaxMan
WebTaxMan
Tax Accountant
Bachelor's Degree
576 satisfied customers
What happens if u take out 10,000 dollars from ...
What happens if u tak eout 10,000 dollars from traditional ira and taxes on it is reversed? In other words i thought their was a taxe break on ur irs withdraw if it was for the purshcase of a home?… read more
Guru_Guy
Guru_Guy
Doctoral Degree
1,634 satisfied customers
I am thinking of buying my first home here most likely in ...
I am thinking of buying my first home here most likely in July of this year. I have money in a 401k from a previous employer and I would like to use some of that for a down payment on my housing purch… read more
Christopher Phelps
Christopher Phelps
Sole Practitioner
Master Degree
1,180 satisfied customers
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