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Financial Planning / Tax Strategies


Subject:  IRA/ First Home/ Taxes Date:  2/8/2001  7:39 PM
Author:  Mystifying Number:  45996 of 127513

We bought our first home this past March. We took advantage of the first time homebuyer IRA withdrawal for the downpayment. Unfortunately, at the time we didn't really consider the financial impact the taxes would have on us when it came time for that. Well, the time is here and we are looking at a considerably larger tax bill than we expected.

What I would like to know is there any way the withdrawal can be divided up over a couple years (please someone say yes!!), or does it all have to be paid in the same year as it is withdrawn?


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