Hi,
I did withdraw 13202$ from my Traditional IRA. Can I use this amout for buying a house in India. In 5329 can I show 10000 exemption towards buying the house which will avoid 10% penalty on early withdrawal.
Thanks
Viji.S
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Hi,
I did withdraw 13202$ from my Traditional IRA. Can I use this amout for buying a house in India. In 5329 can I show 10000 exemption towards buying the house which will avoid 10% penalty on early withdrawal.
Thanks
Viji.S
If the money is used for acquisition costs associated with a first purchase of a main home for yourself, child, parent, or grandparent, then yes - you can avoid the 10% early withdrawal penalty on up to $10K of the withdrawal amount. You must use the money for this purpose within 120 days of the withdrawal.
Thanks for your valuable answer
If the money is used for buying house in my husband's name. Still it can be correct right? We bought a land and yet to construct a house.
Also I heard that Primary home definition is not the only home or first home but there should not be any ?home purchased before 2 years of purchasing this house. Is my understanding correct?
What kind of proof I need to send to IRS along with 5329 form and 1040 NR tax filing. Kindly give your advice.
Thanks
Viji.S
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