Is a withdrawal from my Ira taxable if used to buy a home?

Forum|Forum|1 year ago
April 6, 2025
2 replies
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xmasbaby0

Level 15

Yes, it is taxable but the early withdrawal penalty is waived on the first $10,000 of the distribution you take from your IRA to make the down payment on a home if you are younger than 59 1/2.

To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Bsch4477

Level 15

Qualified first-time buyers can withdraw up to $10,000 from their IRA penalty free to buy, build or rebuild a first home. You must close on the transaction within 120 days of receiving the funds.