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Withdraws from IRA and Roth accounts
I withdrew $10,000 from a traditional IRA toward the purchase of a new home in 2018. I claimed that $10,000 on my taxes as going toward the home purchase, so that was allocated correctly. However, I also took a second withdraw from a Roth IRA for the same amount and same reason. Can both $10,000 withdraws be claimed as deductions or non-taxable reason for withdraw on my 2018 taxes?


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Withdraws from IRA and Roth accounts
The $10,000 limit is for all IRAs you have. However, if you have $10,000 of contributions in your Roth IRA, that will not be taxed at all. Your after tax contributions to a Roth are never taxable. You are only taxed on the earnings.
Also, if you are married and your spouse has an IRA, they can withdraw $10,000 without the penalty as well.
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Withdraws from IRA and Roth accounts
The $10,000 limit is for all IRAs you have. However, if you have $10,000 of contributions in your Roth IRA, that will not be taxed at all. Your after tax contributions to a Roth are never taxable. You are only taxed on the earnings.
Also, if you are married and your spouse has an IRA, they can withdraw $10,000 without the penalty as well.
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Withdraws from IRA and Roth accounts
Is my next step to note contribution amounts to my Roth in Form 5329? Will noting contributions to the Roth prevent me from paying extra taxes on this withdrawal?
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