Skip to content
Trusted Answers From Licensed Business Professionals
TAX PLANNING, TAX SAVINGS

Do I Owe Taxes If I Withdraw From My IRA To Pay For a Home?

By The BIDaWIZ Team on October 25th, 2012 at 11:30 pm

The purpose of an individual retirement account is to provide individuals with a tax favorable vehicle for retirement planning. As such, the IRS levies a hefty 10% early withdrawal penalty should an IRA holder withdraw from their account prior to reaching the age of 59 1/2. There are exceptions to this rule which include withdrawing funds to purchase a first home. .
-or-
Leave a Comment