Anyone an Accountant? Simple Query?

[HEMI®Dart]

I live in Connecticut. I have 2 IRA's. Can I take $10,000 out of each for a first time home buyer?

I know I have to pay taxes. But don't get hit w/ a 10% penalty.

Tell me yes!

 

[rscurtis]

That depends on your age, and I'm assuming from the question that your not anywhere close to the free-withdrawal age. Do the math- that $20K withdrawal will net you a lot less than that. Find another source for the money, leave the IRA alone. The above was JMHO, but I watch Suze Orman on a regular basis, and I think she'll back me up on this.

 

[Bob4x4]

https://www.fidelity.com/retirement-planning/learn-about-iras/ira-withdrawal