Archive for March, 2006
Early Withdrawal Symptoms From Alcohol
March 30th, 2006
Alcohol & Substance Abuse : Withdrawal Symptoms of Alcohol
Early Withdrawal Ira Penalty
March 18th, 2006
Question: If making an Early Withdrawal from an IRA account, do you pay regular tax and a 10% penalty?
Answer: Yes, if it is as regular IRA. If it is a Roth IRA, you would just pay the penalty.
Finance & Investment Tips : Traditional IRA Questions
Posted in Penalties | 
Tags: 72t, early withdrawal ira penalty, early withdrawal ira penalty exceptions, ira, irs, tax, taxes | 
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Ira Withdrawal Home Purchase
March 14th, 2006
Question: How do I use my IRA to help buy my first home?
I know you can withdrawal money from an IRA for a first home purchase and related costs without the Early Withdrawal Penalty, but how and when? I can’t find any details on the web other than you can do it and the money has to be used within 120 days of withdrawal.
I bid on a HUD home, if the bid is accepted can I withdrawal the money now to pay for appraisals, inspections, and other related costs? Do I just keep receipts for the end of the year to prove I used the money for purchasing a home?
Thanks in advance for the help, this is all new to me and a little stressful.
Answer: See IRS Form 5329 and instructions. That is where you account for exceptions to 10% penalty. Just be prepared to back it up if audited.
Note that you will still owe income tax on the distribution.
The benefits of using buyers brokers when looking for a home