IRA Distribution for 1st home Tax Questions?
IRA Distribution for 1st home Tax Questions?
I pulled 15K+ out of my IRA for a down payment on a home. The account was in my name only. Can I claim all $15K as penalty free saying the 10K was for me and the remainder for my wife even though my wife's name was not on the IRA account?
Answers:
Chosen Answer
v b: Nope. If she'd had money in an IRA of her own, you could have pulled up to $10K out of it penalty free. But the limit PER IRA is $10K.
2008-03-19 23:18:02
v b: Nope. If she'd had money in an IRA of her own, you could have pulled up to $10K out of it penalty free. But the limit PER IRA is $10K.
2008-03-19 23:18:02
Greg M: No.
2008-03-20 01:33:36
2008-03-20 01:33:36