A: Yes, a qualified distribution that occurs at least 5 years after the year you made the ROTH contribution, you an take money out for either:
- You’re over the age of 59 ½,
- Distribution is related to your disability (defined in I.R.C. § 72)
- Money is paid to a beneficiary or estate on or after your death, or
- Taken for a qualified special purpose, including for a first-time homebuyer expense up to $10,000
A. You can qualify as a first-time homebuyer even if you’ve owned a home in the past. As far as the Internal Revenue Service (IRS) is concerned, you’re a first-time homebuyer if, “you had no present interest in a main home during the 2-year period ending on the date of acquisition of the home which the distribution is being used to buy, build, or rebuild. If you are married, your spouse also must meet this no-ownership requirement.”