I am married and looking to buy my first home. I am planning on withdrawing around, but not more than, $20,000 for use as a down payment. There are two IRA accounts under my name, both opened by me. One is a Roth IRA and one is a traditional IRA. Both have the funds required.
My question is: I wish to withdraw $10,000, the maximum allowed by the IRS for first-time home buyers without a 10% penalty. Is that maximum limit enforced on a per account basis, or a total withdrawn from all accounts? See, I am planning on withdrawing $10,000 from the traditional, and $7,000 from the Roth. This would give me, maybe, $7,500 from the traditional (income tax) and the full $7,000 from the Roth (since it is already taxed). I am hoping to get around $17,000 from both accounts at the end of the day.
If that doesn't work, what are my options?