- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
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?
Topics:
May 31, 2019
9:13 PM