Can I Use My Traditional Ira To Buy A House -

This $10,000 exception is a lifetime cap per individual . Married couples can each withdraw $10,000 for a total of $20,000 .

Because traditional IRAs use pre-tax dollars, the full withdrawal amount is taxed as ordinary income at your current tax rate .

You can also use this exception to help a child, grandchild, or parent with their first home purchase . Tax and Penalty Breakdown