What is the maximum amount a first-time home buyer who is not 59 years old can withdraw from an IRA without penalty?
A) $25,000
B) $15,000
C) $10,000
D) $ 5,000
E) $ 2,000

Question

What is the maximum amount a first-time home buyer who is not 59  years old can withdraw from an IRA without penalty?
A) $25,000 
B) $15,000 
C) $10,000 
D) $ 5,000 
E) $ 2,000

Quizplus · Accepted Answer

A first-time home buyer who is not 59 1/2 years old can withdraw up to $10,000 from their traditional or Roth IRA without penalty for the purpose of purchasing a home. However, it is important to note that the withdrawal may still be subject to income tax.

What Is the Maximum Amount a First-Time Home Buyer Who