The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/first-home-ira-distribution-11852618.aspx

Subject:  First Home IRA Distribution Date:  1/22/2000  10:51 AM
Author:  lezamora1 Number:  25727 of 121146

Greetings Fooldom!

I know that Uncle Sammy allows me to withdraw up $10,000 from a Tradtional IRA towards a "first-time" home purchase. Furthermore, I know that in order to do similarly with a Roth IRA, the Roth IRA must be at least five years old.

Is there any such stipulation for the Traditional IRA first-time home purchase withdrawal? My Foolish plan is to convert some 401(k) money I happen to have at my disposal right now to a Traditional IRA and use it this summer to close on a house--if it can be done.

Thank you for your time. Fool on!
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us