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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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.
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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