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IRA Lump Sum Distribution

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Z

Zanzi

Guest
Can I avoid the 10% tax penalty on an IRA lump sum distribution if it was used in part to purchase a house?
 


ShyCat

Senior Member
There is a one-time exemption for up to $10,000 withdrawn for a home purchase if you have not owned a home in the last two years.
 
Z

Zanzi

Guest
Cool!! Where can I find this bid of information? (IRS website, etc...??)
Thanks!
 
W

wowie

Guest
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.
 
Z

Zanzi

Guest
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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