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04-29-2018 09:17 PM - edited 04-29-2018 09:19 PM
I am buying a home. I am borrowing mortgage loan. However both my wife and me will be title owners of the home. Can we both both withdraw from our Traditional IRA accounts up to 10,000 with incurring 10% penalty?
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04-29-2018 09:39 PM
Yes, if your purchase qualifies as a first-time home purchase (which doesn't necessarily mean that it's the first home you've ever purchased, see more info at the link(s) below), you and your wife can each withdraw $10,000 from your Trad-IRA penalty-free. Make sure you understanding the timing, etc. More information can be found in IRS Pub 590-B on page 26: https://www.irs.gov/pub/irs-pdf/p590b.pdf , or at this non-IRS source: https://www.nolo.com/legal-encyclopedia/using-ira-make-house-down-payment.html .