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<<Is the $10,000 limit that applies to distributions from IRA's for a first time home purchase a limit for each type of IRA
or all IRA's combined? In other words, can I take out $10,000 from my Roth IRA plus $10,000 from my traditional
IRA or is it just $10,000 in total?>>

It's a lifetime limit, Todd. From any and all IRAs. So the MAXIMUM that you can take (penalty free...assuming that you qualify under the provisions) would be $10k. Total. Regardless of how many IRAs you might have...traditional...Roth...or otherwise.

You can find more information on this provision in my post on this issue in the Taxes fAQ area. Check it out.

TMF Taxes
Roy
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