Ask The Expert: Withdrawals

Asked by Jaime 4/5/13

Can I withdrawal from my Traditional IRA for a first time home purchase without a penalty?

Erik Budde A:
Answered by Erik Budde 4/5/13
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62 out of 155 people found this useful.

In certain situations, yes. You can withdraw up to $10,000 to buy, build or rebuild a first home for yourself, your spouse, a child, grandchild or parent. If both you and your spouse are first-time home buyers, you may each qualify for up to $10,000 in withdrawals. You can search IRS publication 590 for more information. Good luck!