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york1169
New Member

IRA funds for 1st time home owner in my Maidan name?

I bought a few houses when I was married over the 27 years, but 07/2018 I bought a house by myself as a single women after my divorce.  Does this count so I  don't have the extra penalty for early withdrawal?

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Accepted Solutions
Zbucklyo
Level 9

IRA funds for 1st time home owner in my Maidan name?

If you haven't owned your primary residence for the past two years, you are exempt from the 10% penalty on an IRA withdrawal as a "first time homebuyer".  In other words, if you moved out of your owned home and lived in rental properties for more than two years, you're good to go.

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4 Replies
Zbucklyo
Level 9

IRA funds for 1st time home owner in my Maidan name?

If you haven't owned your primary residence for the past two years, you are exempt from the 10% penalty on an IRA withdrawal as a "first time homebuyer".  In other words, if you moved out of your owned home and lived in rental properties for more than two years, you're good to go.

york1169
New Member

IRA funds for 1st time home owner in my Maidan name?

Perfect, I completed 2 years of renting before I was able to purchase due to re-building my credit!  THANK YOU
Zbucklyo
Level 9

IRA funds for 1st time home owner in my Maidan name?

Just remember that only 10K is penalty-free.
york1169
New Member

IRA funds for 1st time home owner in my Maidan name?

I used under 6K
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