You are older than 59 1/2 so you will not have an early withdrawal penalty for taking money out of your retirement account. But you will pay tax on the withdrawal. You will get a 1099R that you have to enter on your tax return. Using the money to buy land does not make it tax-free. Are you confusing the rule about avoiding an early withdrawal penalty for making a down payment on a home from an IRA account before you are 59 1/2, perhaps?
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.**
