Hello,
I am interested to making a home purchase, but would need to tap into my retirement annuity from a previous employer. The account is an annuity not an IRA.
I understand first time home buyers can make a penalty free one time $10,000withdrawal from an IRA, but my question is is this also possible with a retiement annuity? The account was part of a 403(b) plan, But I left the employer 10 years past. I did not do any roll overs at the time.
If it is not not allowed to make a penalty free withdrawal, I believe I can make a rollover into an IRA, but how long does the money have to stay as an IRA (1 month, 1 year etc.) in order to then make a subsequent "early withdrawal" from the account for the home purchase.
I wanted to do this last year, but that was the time the market crashed and I got cold feet.
Thank you so much for your answer in advance.
Holly
I am interested to making a home purchase, but would need to tap into my retirement annuity from a previous employer. The account is an annuity not an IRA.
I understand first time home buyers can make a penalty free one time $10,000withdrawal from an IRA, but my question is is this also possible with a retiement annuity? The account was part of a 403(b) plan, But I left the employer 10 years past. I did not do any roll overs at the time.
If it is not not allowed to make a penalty free withdrawal, I believe I can make a rollover into an IRA, but how long does the money have to stay as an IRA (1 month, 1 year etc.) in order to then make a subsequent "early withdrawal" from the account for the home purchase.
I wanted to do this last year, but that was the time the market crashed and I got cold feet.
Thank you so much for your answer in advance.
Holly
