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#1
02-08-2001, 06:12 PM
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 Can I avoid the 10% tax penalty on an IRA lump sum distribution if it was used in part to purchase a house? |
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#2
02-09-2001, 09:44 AM
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| There is a one-time exemption for up to $10,000 withdrawn for a home purchase if you have not owned a home in the last two years. |
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#3
02-09-2001, 06:56 PM
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 Cool!! Where can I find this bid of information? (IRS website, etc...??) Thanks! |
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#4
02-09-2001, 09:38 PM
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| careful. .. I think that this exemption is only for Roth IRAs. You can find all of this info out by contacting the broker whith whom you are doing business. |
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#5
02-10-2001, 02:02 AM
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 Actually, ShyCat was right on the money! IRS Publication 590 talks about the withdrawals of funds from an IRA for the purchase of a first home; it specifically refers to a traditional IRA. |
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