first home?

[Possi]

My client is newly divorced and took early distribution to purchase a home.
This is the first time she purchased a home on her own. (She and ex purchased one together when they were married.)
Does that qualify her for the exclusion to the penalty for early distribution; for purchasing her own first home?
I've been able to answer all my other questions of the season by searching the website. Thanks for all the answers, even the ones you didn't know I had!!
~poss

[OldJack]

A first-time home buyer is an individual that has not owned a principal residence for at least two years. TTB 13-3, 5329 exception 9, [code §72(t)(2)F].

It sounds like your client owned a home with her husband and would not qualify for the 10% penalty exception. Therefore the distribution would be taxable plus subject to the 10% penalty.

[Kram BergGold]

Ira

Also it is only an early distribtuion from an IRA that counts.

[Possi]

Thanks

Thanks I appreciate the quick response!