i would like to wd a large amt of money from my IRA to reinvest it into my home?

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i would like to wd a large amt of money from my IRA to reinvest it into my home?

2007-12-16 21:06:26 · 2 answers · asked by cathy m 1 in Business & Finance ➔ Personal Finance

2 answers

Generally not a good financial move. What do you mean "invest" it into your home?

2007-12-17 02:12:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋

Not really a question but.......

If you are under 59 1/2 years of age and it is a Traditional IRA you would pay ordinary income taxes on the withdrawl plus a 10% penalty. Depending on your age and other income, you may lose 30-40% of the value of the withdrawl to taxes and penalties.

2007-12-17 09:24:56 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋