I recently open an IRA like in March of this year, and I need the money this month in August to pay for my mortgage. Can I withdraw the money?
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I recently open an IRA like in March of this year, and I need the money this month in August to pay for my mortgage. Can I withdraw the money?
Not unless you need to pay it to forestall a foreclosure. There are provisions for hardship withdrawals from IRAs. But there may be penalties involved.
Yes it is for foreclosure. So I would need to show the bank the foreclosure papers right. Hopefully the penalties are not big.
Do a search on IRA hardship withdrawals. You will find the rules and penalties
Yes it helped a lot thanks.
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