roth

i am 35 and taking a distribution from my roth ira. can i take out my contributions, even though i’ve had this roth for less than five years, without any taxes and fees, for a first time home purchase?



You can remove amounts up to the total of your regular contributions without tax or penalty for any reason, but you must still report the distribution on Form 8606 with your return.

If you funded your Roth by conversion, and/or after you remove regular contributions and you begin distributing conversions that have not met the 5 year requirement, there is a 10% early withdrawal penalty. If you wish to, you can then eliminate that penalty by using up your 10,000 lifetime exception for first home purchases.

If a question, advise the total amount of regular contributions you have made and also the total of conversion contributions, also the amount you need to withdraw for the first home purchase.



Add new comment

Log in or register to post comments