The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/i-need-to-know-if-i-can-deposit-tax-free-10120756.aspx

Subject:  Re: IRA contributions Date:  3/5/1998  11:41 AM
Author:  TMFTaxes Number:  2419 of 126475

[[I need to know if I can deposit tax free money(1997 tax year) in an ira and then withdrawl the
money penalty and tax free within a few months(April '98) to purchase a home.]]

Sorry, but I'm not following the thread of your question. But, as a generaly statement, you do NOT want to deposit funds in an IRA (tax free or otherwise) that you'll need in the immediate future. There are simply too many hoops to jump through and tax traps that you'll get nailed with to screw around with something like this.

TMF Taxes
Roy
Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us