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Form 5329
My question is...we are trying to buy a house and would like to use $10,000 of my Simple IRA $. I am under the impression that i can use this money tax free if we have not purchased a house in the last two years. It has been 4 years since i have done this. Does anyone know this answer?
July 12, 2019
12:43 PM
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Retirement tax questions
@kmccreary wrote:I am under the impression that i can use this money tax free if we have not purchased a house in the last two years.
Not tax free. Up to $10,000 can be distributed without the additional early distribution penalty but the normal tax on the distribution still applies.
See IRS pub 590B for details. (The same rules for a Traditional IRA apply to a SIMPLE IRA for first home).
https://www.irs.gov/publications/p590b#en_US_2018_publink1000230922
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
July 12, 2019
1:20 PM
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