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 years old can withdraw up to $10,000 from an IRA without penalty. This is considered a qualified first-time home purchase distribution. However, any amount withdrawn over $10,000 will be subject to a 10% early withdrawal penalty.

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