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Financial Planning / Tax Strategies


Subject:  Re: First-time homebuyer and IRA Date:  7/28/2005  4:39 PM
Author:  jrr7 Number:  80143 of 132126

There is no "payback" provision to return the removed funds to your IRA.


if you perform a "rollover" or "transfer" to yourself, you get 80% of the money, and if you can put the whole amount back within 90 days, there are no tax consequences. The only problem is you just loaned 20% of the money to Uncle Sam at 0% interest until you file your taxes.
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