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First time homebuyer withdrawal from IRA
Posted on 2/7/17 at 8:46 pm
Posted on 2/7/17 at 8:46 pm
I'm getting married in a few months but we are closing on our first home before the wedding. I am going to be the only person on the mortgage because we are getting a slightly better interest rate doing that. Can my future spouse withdraw from her IRA and give it to me for the down payment as a "first time homebuyer" withdrawal for her?
If not, we may just get officially married before closing.
If not, we may just get officially married before closing.
4
Posted on 2/7/17 at 8:54 pm to Jon Ham
What type of IRA?
Would her name be on the title?
Would her name be on the title?
Posted on 2/7/17 at 9:02 pm to Jon Ham
The kicker is you aren't married. She isn't a spouse.
Posted on 2/7/17 at 9:07 pm to Mr.Perfect
She has a traditional IRA and she will be on the title.
Posted on 2/7/17 at 9:11 pm to Jon Ham
If she is on title it should be a qualified withdrawal. On a traditional she would pay the income tax.
It's up to 10k and the withdrawal must be used within 120 days.
So pretending you are in the 25% tax bracket she can pull 10k BUT that would net 7,500 after tax.
All of this assuming she is also a first time buyer.
For loan purposes she would be gifting you the funds since she is not on the loan.
It's up to 10k and the withdrawal must be used within 120 days.
So pretending you are in the 25% tax bracket she can pull 10k BUT that would net 7,500 after tax.
All of this assuming she is also a first time buyer.
For loan purposes she would be gifting you the funds since she is not on the loan.
Posted on 2/7/17 at 10:16 pm to Mr.Perfect
Thank you!
Posted on 2/8/17 at 10:27 am to Jon Ham
I'm interested to know why OP has 4 downvotes.
Posted on 2/8/17 at 1:39 pm to Jon Ham
I'm curious why my post above has two. If I said something incorrect I would hope people would correct and not just DV.
This board is usually immune to the shite posters in the OT
This board is usually immune to the shite posters in the OT
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