This is Joe from California. Quick question about withdrawing money from a traditional IRA. I have an opportunity to buy some land in Florida, on which I plan to eventually build a home to which I'll retire. In order to do this, I need about $10k from my IRA.
I'm currently renting, an do not own any other property. I was hoping this would qualify as a "hardship" withdrawal and enable me to avoid the penalty charge. I am a first time home buyer, and this will eventually be my primary residence - not used as an income property. But I won't be moving there for another 10 years or so.
Anyone think this qualifies as a "hardship withdrawal"?
JoeWhat is the name of your state (only U.S. law)?