3441243
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Cooker68
New Member

If I withdrew money from my investments to purchase a vehicle. How do I claim this for maximum benefit?

I withdrew the amount to pay in full for a $60K vehicle
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

If I withdrew money from my investments to purchase a vehicle. How do I claim this for maximum benefit?

What investments?  Do you mean money from a retirement account?  Money from a brokerage account?  

 

If you took money out of a retirement account like an IRA, and you are under 59 1/2, you pay a 10% early withdrawal penalty plus ordinary income tax.  You will get a 1099R for that.

 

If you sold some sort of stocks or investment funds, you will get a 1099B.   

 

Or did you get the money from someplace else?

 

Not sure why you think there is going to be a benefit for purchasing a car---which usually begins to lose value when you drive out of the dealership in it.

**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.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question