Show notes
Question: I’ve heard that I can withdraw money from my IRA to help pay for my first house. Is this true?
Answer: To be perfectly clear, you can withdraw money from your IRA whenever you want. But if you do it without an IRS-allowed exemption, you’ll end up paying a 10 percent early withdrawal penalty.
Fortunately for first-time homebuyers, there is such an exemption. First-time homebuyers can take out as much as $10,000 from their traditional IRA penalty-free, …
Answer: To be perfectly clear, you can withdraw money from your IRA whenever you want. But if you do it without an IRS-allowed exemption, you’ll end up paying a 10 percent early withdrawal penalty.
Fortunately for first-time homebuyers, there is such an exemption. First-time homebuyers can take out as much as $10,000 from their traditional IRA penalty-free, …