chday56
New Member

Taxes on Cash withdrawal from Retirement Savings for down payment on new home

I needed $100,000.00 for a down payment on my new home.  I withdrew $125,000.00 from my retirement savings to cover the down payment as well as the taxes on the withdrawal.  Now TurboTax is showing that I still owe over $8,000.00 in taxes because of the withdrawal.  Is there a place in the deductions that I can get credit for the down payment to lower the taxes owed?