You'll need to sign in or create an account to connect with an expert.
First home purchase for IRA is:
"it also applies if you or your spouse haven't owned a principal residence at any time during the past two years. The operating word here is 'principal', because even if you've owned a vacation home during that time, the exemption can still apply.
Also, you yourself don't have to be the homebuyer. You can also qualify for the exemption if you're helping your spouse, child, grandchild or parent buy a home.
The maximum penalty-free withdrawal from an IRA under the homebuyer exemption is $10,000."
First home purchase for IRA is:
"it also applies if you or your spouse haven't owned a principal residence at any time during the past two years. The operating word here is 'principal', because even if you've owned a vacation home during that time, the exemption can still apply.
Also, you yourself don't have to be the homebuyer. You can also qualify for the exemption if you're helping your spouse, child, grandchild or parent buy a home.
The maximum penalty-free withdrawal from an IRA under the homebuyer exemption is $10,000."
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Gettxfin
Returning Member
blondegurlee420
New Member
AugustRush1993
New Member
dmaloche
New Member
Jjone
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.