The Uplifting First-Time Homebuyers Act increases the amount of money that first-time homebuyers can withdraw from their retirement accounts (specifically IRAs) without facing the normal early withdrawal penalties. Currently, the law allows withdrawals of up to $10,000; this bill raises that limit to $50,000. The change applies to first-time homebuyers who are saving for down payments and closing costs on their first home purchase. The legislation takes effect for tax year 2025 and beyond, giving prospective homebuyers immediate access to this expanded retirement savings option.
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