$10,000 Penalty Free IRA Withdrawal - Double Dipping | Ed Slott and Company, LLC

$10,000 Penalty Free IRA Withdrawal - Double Dipping

If I have both a Roth IRA and a Traditional IRA worth $20,000 each and I am looking to buy a home, may I take $10,000 out of both penalty free or is it $10,000 total between the two accounts?

The limit is 10,000 lifetime per taxpayer, not per IRA type. Note that under the ordering rules, if you have regular contributions in your Roth or conversions more than 5 years old you can distribute the balance of those amounts tax and penalty free without using any of the 10,000 limit. If you are married, each spouse has a 10,000 limit if they both have IRAs.


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