aiglinski
New Member

1099-R for an early distribution for down payment on first home

I have1099-R for an early distribution for down payment on first home. It is a simple IRA. I withdrew $7,720.00 and paid $772.00 towards federal and $350 towards state taxes already. From my understanding, because it was a simple IRA used toward purchase of my first home, the 10% early withdrawal penalty should not apply so I should not owe any more taxes on this withdrawal. Is this correct?