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FIRST TIME HOME BUYER

Do you have a traditional IRA?  Do you own a home?  Do you want to own a home? 

Well, here is some information that might be of interest to you, especially if you are confused by the term "First Time Home Buyer."

For IRA distribution purposes, this term does NOT mean the taxpayer has not owned a home before the
distribution date.  The requirement states that you and your spouse have not owned a home in the last two years ending on the purchase date.  In this case, you would qualify for a penalty exception of distributing up to $10,000 from your
IRA.

Keep in mind, though, that you will be subject to taxation on the amount distributed, but not subject to the 10% penalty for early withdrawal.  There are other criteria that must be met, as well.  The distribution must be used within 120 days for the home purchase and any amount not used within the 120 days will be subject to the 10% penalty.


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