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Old 10-06-2006, 09:20 AM
Magic_Man Magic_Man is offline
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Join Date: Sep 2002
Location: MIT
Posts: 677
Default Re: question about investing IRA or saving towards Downpayment for hou

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withdrawing immediately to take advantage of the the "first-time home buyer" clause would be almost the same as not putting in any at all for the 2006 yr.

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qft. It would be like taking money out of your left pocket and putting it into your right pocket. Plus you'd lose the interest income you could get on the money while it was floating to and fro your investment house. Good luck.

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I am in this same situation, but my home purchase is one or two years off. Does it still make sense to open a Roth IRA and make the '06 contribution if I will be withdrawing in a year or two? In that case, should I not make the '07 contribution if I am buying that year?
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