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IRA distribution for 1st time homebuyer couples

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Icon Mini Profile cap321





Joined: 21 Dec 2008

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Post Posted: Mon Jan 26, 2009 5:31 am    Post subject: IRA distribution for 1st time homebuyer couples
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I'm looking to buy a cheap foreclosure and would like to make a cash offer. I would like to use our IRA funds for the money and I was wondering if anyone knows exactly how the distribution works. I know that each spouse is allowed $10,000 (assuming they meet all the qualifications). But can I pull the full $20,000 out of a single IRA account, as long as we file taxes Married Filing Jointly?

Thanks so much for your help.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



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Location: ALASKA
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Post Posted: Mon Jan 26, 2009 10:21 pm    Post subject:
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Hey cap,

As far as IRA account is concerned, it is an individual retirement account and I don't think you will be able to pull the full $20,000 out of a single IRA account. You should consult a tax expert in this regard who will be able to help you in this issue.

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