What is the name of your state (only U.S. law)? Utah
I have been reading up on this and I still have a few questions for my particular situation, which is this:
1). I established a Roth IRA back in 2000 from a traditional IRA CONVERSION.
2). I converted $13,000 in year 2000.
3). I have made NO further contributions/conversions to this Roth IRA.
4). The Roth IRA has more than doubled in value in the last 10 years that I've had it.
5). I am purchasing a house as a primary residence, but I currently OWN and live in a ski condo that will go back into a rental pool.
6). I originally purchased the ski condo as an investment property in 2001, and it will revert to an investment property once I buy this house and move in.
So my question is really two-fold:
1). Am I considered a first-time home buyer for the purposes of withdrawing funds from an IRA without tax/penalty? (I'm guessing not)
2). Can I withdraw $10,000 from my original CONVERSION funds without penalty whether I'm a first-time home buyer or not?
From everything I've read, it seems that I should be able to withdraw CONTRIBUTIONS up to $10,000 from a Roth IRA (even if I'm not a first-time home buyer), but I can't find any specific guidance on withdrawing funds from a traditional IRA CONVERSION.
I'm assuming that since I paid taxes on the converted funds back in 2000, then technically they should be available for me to withdraw tax-free and penalty-free.
Please advise.
Thanks.
I have been reading up on this and I still have a few questions for my particular situation, which is this:
1). I established a Roth IRA back in 2000 from a traditional IRA CONVERSION.
2). I converted $13,000 in year 2000.
3). I have made NO further contributions/conversions to this Roth IRA.
4). The Roth IRA has more than doubled in value in the last 10 years that I've had it.
5). I am purchasing a house as a primary residence, but I currently OWN and live in a ski condo that will go back into a rental pool.
6). I originally purchased the ski condo as an investment property in 2001, and it will revert to an investment property once I buy this house and move in.
So my question is really two-fold:
1). Am I considered a first-time home buyer for the purposes of withdrawing funds from an IRA without tax/penalty? (I'm guessing not)
2). Can I withdraw $10,000 from my original CONVERSION funds without penalty whether I'm a first-time home buyer or not?
From everything I've read, it seems that I should be able to withdraw CONTRIBUTIONS up to $10,000 from a Roth IRA (even if I'm not a first-time home buyer), but I can't find any specific guidance on withdrawing funds from a traditional IRA CONVERSION.
I'm assuming that since I paid taxes on the converted funds back in 2000, then technically they should be available for me to withdraw tax-free and penalty-free.
Please advise.
Thanks.