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Old 08-29-2001, 04:08 PM
djsocal
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Unhappy

taxes on IRA

i need help with a tax issue on penalties for early withdrawl on an IRA. in 1998 we cashed out an IRA to buy a new home...we had not owned a home since 91...are we liable for the 10% assesment for early withdrawl?
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Old 08-30-2001, 01:35 PM
loku
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Unfortunately, you are subject to the 10% early withdrawal penalty. The exception to the penalty you are thinking of applies only to the purchase or repair of your first home.
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