Roth Iras Rules
February 20th, 2010
Question: Regarding Roth IRAs. I once owned a home but am now renting. Can I use some of my roth money for money down
The rules say, “for a first home”. I wonder if that mean for the purchase of your first home (as in first home ever) or if that is referring to your first home as in your primary residence (vs putting that money toward a 2nd home/cottage)
Answer: To qualify for “first time home buyer” you can’t have owned a home anytime within the last 2 years. And the rules say that it is the same rules as for a regular IRA, which limits the amount to $10,000 during your lifetime.
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Ira Distribution Age
February 7th, 2010
Question: What is the maximum allowable distribution you can take on your IRA at age 75?
Answer: You should be taking the minimum, there is no max but a 50% penalty if you don’t take the minimum.
Tax Law, Real Estate & Credit Tips : IRA Distribution Penalties