What do you think about withdrawing IRA to buy first home? IRS Section 2202 of the CARES Act, anyone in 2020 who is diagnosed with covid-19, furloughed, laid off, or reduced work hour can qualify for a penalty-free distribution. i think in my mind this is good idea because this allows to tap not only our contribution but the employer contribution and not pay the 10% penalty. Then use this money to buy first home as a down payment.
any clue if this is good decision.?
i find the iRS link here:https://www.irs.gov/newsroom/corona...tirement-plans-and-iras-questions-and-answers
any clue if this is good decision.?
i find the iRS link here:https://www.irs.gov/newsroom/corona...tirement-plans-and-iras-questions-and-answers