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Home, Home on the Roth
Jul. 29th, 2009 03:55 amSince I decided, two months ago, that I would have to buy a house in the near future, I've been taking advantage of financial market rallies to raise cash here and there in my regular investment portfolio. It turns out that I've been going about this the wrong way. I should really be withdrawing from my Roth IRA.
The 1997 Taxpayer Relief Act allows one to take out a $10,000 distribution from the IRA without an early withdrawal penalty to buy a first home. If I had a traditional IRA, that's where the story would end. I'd just take out the $10K penalty-free. However, the Roth IRA adds a few twists of its own.
( Read more... )
The 1997 Taxpayer Relief Act allows one to take out a $10,000 distribution from the IRA without an early withdrawal penalty to buy a first home. If I had a traditional IRA, that's where the story would end. I'd just take out the $10K penalty-free. However, the Roth IRA adds a few twists of its own.
( Read more... )