- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
Topics:
‎February 8, 2021
12:46 PM