Archive for October, 2005
72t Retirement Plan
October 25th, 2005
Replacing worn car door roller
Posted in 72t Distribution | 
Tags: 401k, 401k-distributions,, 401k-penalties,, 72t, 72t retirement plan | 
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Withdraw Ira 60 Days
October 24th, 2005
Question: Buying my first home, can I withdrawa from my IRA without penalty?
I’m buying my first house, want to withdraw from my Rollover IRA
I changed my employer year back and moved my 401K to Rollover IRA account, now I’m buying a new home (first) want to take money from Rollover IRA for down payment. When I contacted my IRA financial advicer she said I cannot take money out because it’s a “Rollover IRA” account and if I take it I have to pay back in 60 days to avoid penalties.
Please advice.
Thank You!!!
Answer: First home. Even if you are under age 59½, you do not have to pay the 10% additional tax on up to $10,000 of distributions you receive to buy, build, or rebuild a first home. To qualify for treatment as a first-time homebuyer distribution, the distribution must meet all the following requirements.
1.It must be used to pay qualified acquisition costs (defined later) before the close of the 120th day after the day you received it.
2.It must be used to pay qualified acquisition costs for the main home of a first-time homebuyer (defined later) who is any of the following.
1.Yourself.
2.Your spouse.
3.Your or your spouse’s child.
4.Your or your spouse’s grandchild.
5.Your or your spouse’s parent or other ancestor.
This applies to rollovers too. And if you’re married your spouse can take $10,000 from hers to.
Ask your IRA advisor again, or ask someone else.
The ballad of Michael Collins