The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: IRA Withdrawal for Closing Costs||Date: 2/2/2000 9:33 AM|
|Author: TMFTardior||Number: 26751 of 121802|
You should perhaps contact the IRS with this question, but it is my impression that it is too late. The way I understand it, you have 120 days to withdraw funds from the day you enter into the binding contract. Here's a link that may be of use:
I myself don't think that this is bad news, however. If I were able to purchase the house without tapping into my tax-advantaged accounts, I'd leave the IRA alone, particularly if it's a Roth IRA or you would incur a big capital gains tax on your traditional IRA investments. I'd prefer to maintain my tax advantage and stay the course of retirement saving.
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