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I'm a first time home buyer. I want to use the Roth IRA account to help purchase it. Here are my questions:

1) My roth IRA account is relatively new, of course. To withdrawl money for a house without penalty, did the money have to be there a certain length of time? For some reason I remember hearing that only after 5 years can money in a roth be used for a home without penalty.

2) Can my spouse and I withdrawl up to $10,000 each from our roths and the house only be put in one of our names?

***Distributions for your purpose, as a qualified first time homebuyer, are "qualifying" distributions that are not subject to the 10% additional tax. However, unless the five year holding period is realized, tax would be due on any taxable portions taken as part of the distribution.

Each, you and your spouse, qualify for up to the $10,000 distribution that is exempt from penalty.

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