My wife and I are looking to buy a house; we are hoping to drawdown on
my retirement savings, as first-time buyers, for the down payment.
Here’s the catch: I know we can draw down an IRA penalty-free for a
home purchase, but my investments are in a 403b. Is it legally
possible for me to rollover my funds into a Traditional IRA, expressly
for the purpose of drawing those funds down penalty-free? Also, I
assume the disbursement is taxed at filing time, not front-loaded
(netting down the disbursement) and adjusted at tax time. Am I right?
Finally, how quickly can this process take place?
Thank you all for your responses.
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