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Will the ROTH IRA Distribution we took in 2017 be tax free even though we used it for our downpayment on our vacation condo? We are both 70.

 
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Hal_Al
Level 15

Will the ROTH IRA Distribution we took in 2017 be tax free even though we used it for our downpayment on our vacation condo? We are both 70.

If you are over age 59.5, all Roth distributions are tax free, unless your Roth was started less than 5 years ago. Even then, most of it is tax free. So, it doesn't matter what your used the money for.

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Hal_Al
Level 15

Will the ROTH IRA Distribution we took in 2017 be tax free even though we used it for our downpayment on our vacation condo? We are both 70.

If you are over age 59.5, all Roth distributions are tax free, unless your Roth was started less than 5 years ago. Even then, most of it is tax free. So, it doesn't matter what your used the money for.

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