Early Withdrawal from a qualified IRA plan for first-time home downpayment
I still have funds in a retirement plan with the company I used to work for. Can I withdraw funds from that plan without penalty if the funds are used by me as a down payment on a first time home?
1 Answer from Attorneys
Lots of rules, probably only $10,000
There are lots of rules about this. Call an accountant, not a lawyer!
Offhand, I think you can use $10,000 for the purchase of a first home without penalty for early withdrawal.
By the way, you might have to roll those funds over into anotherqualified plan or an IRA within 6 months, unless the pension fund is allowed to and willing to continue to carry those fundsfor you. For that, talk to the company's fund administrator or, better, read their literature.
Please don't rely strictly on anything I've said, for severalreasons. I'm rather ill-informedand furthermore not licensed (or trained or skilled enough!) to practice law in your state.
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