Yes, if you meet these following conditions as a first-time home buyer:
If the above criteria are met, you can withdraw your entire account up to $10,000. The $10,000 is a lifetime limit, and if the rules are met, the withdrawal will count as a qualified distribution and there will be no income tax owed or early withdrawal fees.
Yes, if you meet these following conditions as a first-time home buyer:
If the above criteria are met, you can withdraw your entire account up to $10,000. The $10,000 is a lifetime limit, and if the rules are met, the withdrawal will count as a qualified distribution and there will be no income tax owed or early withdrawal fees.
What about contributions. Can those be taken tax/fee free?
Contributions can be taken tax and penalty free, but earnings would incur tax and penalties.
Everything I found online is that this is $20,000 for couples, but that does not seem to be an option in turbo tax.
What can I do?
Only $10,000 from your IRA and $10,000 from your spouse's IRA can be used penalty free for a first time home purchase. Not $20,000 from one IRA if you are married.