The show is a smart mix of humor and social commentary, and has had a diverse lineup of guest stars, including Colin Hay of Men at Work, Brendan Fraser, Dick Van Dyke and, in one of his...read more.
Traditional IRA distributions are taxable and, unless you're 59 1/2 years old, subject to an extra 10 percent tax penalty. However, if you qualify as a first-time home buyer, you avoid the additional tax, but not regular income taxes, on your distribution. For example, assume you're not yet 59 1/2 years old, that you pay a 25 percent tax rate and that you take a $10,000 distribution for your first home.
You can receive a 50% tax credit on your first $2,000 in Roth IRA contributions if youâre: 1  Single and earn $17,750 or less. 2  Married filing jointly and earn $35,500 or less. 3  Head of Household and earn $26,625 or less.