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.
On the other hand, qualified Roth IRA distributions are tax and penalty free. Roth IRA distributions are qualified if they meet the following two requirements: The distributions are taken no earlier than five years after you fund your first Roth IRA. This five-year period begins with the calendar year for which the first contribution is made.