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Roth IRA Distribution for first time home buyers question
I read that one may withdraw $10K with no penalty if used toward buying a house for the first time. How do I apply that into turbotax? Thank you.
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June 1, 2019
8:06 AM
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Retirement tax questions
The first 10K of what? And for what purpose?
**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.**
June 1, 2019
8:06 AM
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Retirement tax questions
sorry, somehow the original question and details were missing.
June 1, 2019
8:06 AM
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Retirement tax questions
No. That's not correct. There is a penalty exception for first time home buyers for IRA distributions up to $10,000.
Here are the other exceptions:
June 1, 2019
8:06 AM
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Retirement tax questions
sorry, somehow the original question and details were missing. I have revised the question
June 1, 2019
8:06 AM
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Retirement tax questions
In that case, you're correct, although a Roth Distribution may not be the most financially sound since it's mostly tax-free with taxes and penalties on only the earnings. If you have the possibility, a traditional IRA may be a better deal. Hope that helps.
June 1, 2019
8:06 AM