- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
You do not qualify for the first-time homebuyers exception to an early-distribution penalty, but if you were over age 59½ at the time of the distribution (code 7 on the Form 1099-R), you are not subject to this penalty anyway.
The fact that you used the money to purchase a home has no bearing on the taxability of the IRA distribution.
April 17, 2022
5:46 PM