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.
First-time home buyers purchasing any kind of homeânew or resaleâare eligible for the tax credit. To. qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December. 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the.