Peter Opened His IRA in 2003 and Withdrew Money to Purchase

question 90

True/False

Peter opened his IRA in 2003 and withdrew money to purchase a house in 2018. Since the distribution qualified as a "qualified first-time-homebuyer expenses," it is not subject to the 10% early withdrawal penalty.

---

Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher, best known for his works "The Wealth of Nations," which laid the foundations of classical free-market economic theory.

European Colonization

The process by which European powers occupied and controlled lands outside their continent, starting in the late 15th century, often resulting in significant cultural and economic changes.

"Discovery"

Often refers to the European "discovery" of lands outside of Europe, although these lands were already inhabited, marking the beginning of colonization.

Andes Mountain Chain

A continuous range of high mountains along the western coast of South America, extending over 7,000 km and including many of Earth’s highest peaks.