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Subject:  401K/403b to direct roll to IRA Date:  3/22/1999  5:53 PM
Author:  churchie Number:  12722 of 128041

I had a 401K and 403b (totalling $6K)that I directly rolled into a traditional IRA. It is my understanding that I can withdrawl up to 10K from the IRA for a first time home purchase, tax and penalty free.

Since I invested the 6K, the IRA is now worth 10K as a result of some good stock picks. I never added any other money to it since I rolled it over.

Can I take out the whole 10K tax free or without penalty for the first time purchase of the house? Or do I have to pay tax on my gains?

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