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Retirement tax questions
The first-time homebuyer exception only exempts you from any early-distribution penalty, not from any income taxes on a distribution from a traditional IRA. Since you are over age 59½, there is no need to ask about the use of the money to buy a first home because this exception is not needed because the distribution is already not subject to any early-distribution penalty.
July 8, 2020
1:30 PM