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URL:  http://boards.fool.com/greetings-isaac-and-welcome-you-asked-10731198.aspx

Subject:  Re: IRA money for first home Date:  4/3/1999  9:37 AM
Author:  TMFPixy Number:  9647 of 75340

Greetings, Isaac, and welcome. You asked:

<<We are planning to withdraw money from my IRA towards down payment for our first home. I understand that the limit is $10000. Is this limit per person or if my wife is a joint owner of the house, can she too use upto $10000 from her IRA leading to a total of $20000?>>

The once in a lifetime use of $10K for a home purchase is an individual limit. Therefore, both you and your spouse may use your own IRAs to take up to $10K each ($20K total) for this purpose. Bear in mind that you will pay income tax on the amounts taken, but no penalty.

Regards..Pixy


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