You'll need to sign in or create an account to connect with an expert.
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.
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.
Ah - I clearly misunderstood this, thank you for clarifying and for your quick reply!
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
htb14
Returning Member
hynrel53
New Member
bethfly
New Member
illini70
New Member
turbobruce0524
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.