Events Calendar
In This Section
Hospital connects to patients online
AutoZone to replace Blockbuster in West Akron
Gains in financials, material stocks lift market
Jobless claims indicate economy remains weak
Citigroup shuffles executives, former CFO leaving
GM, Chrysler fight reopening of closed dealerships
YRC, Teamsters reach tentative deal on concessions
Most Read Stories
Akron police investigate teen mob attack on family
Woman, 75, charged with beating fawn to death
Akron woman found dead at Brimfield Township store
Man shot in back near Akron park
Man shot outside his Akron home during robbery attempt
Man admits repeatedly biting 2-year-old
Tragic day puts man on path to be Pinnacle owner
Blogs:
Pets:
Dogs' Bark: Not fair! Study shows pups get jealous
The Heldenfiles:
Who Will Get the Michael Media Treatment Next?
Patrick McManamon:
More on Varejao
Akron Zips:
Opponent outlook: Kent State
Browns Bulletin:
Quick thought on Browns rookies
Tribe Matters:
Wedge challenges relievers
Cleveland Browns:
Stallworth test showed marijuana
Kent State Sports:
Men's Basketball Scheduling update
Cleveland Cavaliers:
Andy’s Signed According to ESPN
All Da King's Men:
Does Medicare Have Lower Administrative Costs ?
Blog of Mass Destruction:
CIA Did Mislead Congress
Akron Law Café:
Breaking Story: CIA Lied to Congress about Secret Program
Varsity Letters:
East basketball update
See Jane Style:
Oh Baby!
Car Chase:
Where do We Go from Here?
Let's Talk Real Estate:
Closings….Not the Good Kind!
Ohio Travels with Betty:
Margy inquires-when is a Taste of Hudson?
Sound Check:
LeVert II live performance Saturday night — "Dedication" album due July 13,
HRLite House:
DDI One of Best Places to Work
Akron Gamer:
First 24 'Guitar Hero 5' songs announced
Published on Saturday, Aug 25, 2007
If you're in the market for your first home and need a financial leg up, you might want to consider taking money out of your IRA.
Withdrawing cash from an IRA before you turn 591/2 typically carries hefty penalties, but the IRS makes an exception for first-time home buyers.
You can take up to $10,000 out of your IRA penalty-free as long as you put the money toward building, buying or refurbishing your first home within 120 days of receiving the money.
If your spouse also qualifies as a first-time buyer, you can get up to $20,000 to invest in your dream home.
A first-time home buyer is anyone who hasn't held an ownership interest in a main home for the last two years, according to IRS Publication 590.
You might even qualify for the penalty-free withdrawal if you're not planning to live in the home yourself.
For information, visit http://www.irs.gov on the Web or talk to a certified public accountant.
If you're in the market for your first home and need a financial leg up, you might want to consider taking money out of your IRA.
Get the full article here.
Comments
Click here to post your comments
