Retirement tax questions

@bamartindale87 

 

With the code 1, the TTX software does cover the first-time Homebyer's exception to the penalty if

1)  You make sure the IRA/SEP box is checked in the main form

2)  You continue thru any following pages out to the main table of 1099-R forms.

3)  You hit the "Continue" button at the bottom of the page when you do get to the table of 1099-R forms already entered.

4) Then you will step thru a bunch of Disaster related exceptions, before you finally get to a big list of other penalty exceptions...one of which is the particular one you want.

 

(at least, that is the progression in the desktop software...I don't have an Online test account with an appropriately aged person to test the exact progression there...but it should be similar )

 

Remember that it is only an exception to the penalty, not to any income tax on the distribution

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*