IRA Rules

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Question: How long must the money be in an IRA to be used as downpayment?

I just moved my money from my previous employer’s pension plan to an Scottrade IRA account. I want to take out 10K for the down payment of my house. Are there any rules how long the money must have been in the IRA account before it can be taken out?

Answer: For a Roth, it must be in there for 5 years. Beware though that even if you can take out there money, it will not be tax/penality free.

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Part 4: Taxes when converting regular IRA to a Roth IRA