If I took out $50,000 from my IRA and used all of it as down payment for a first time home do I report all $50,000 in TurboTax section where it asks "did you use your IRA to pay for any of these expenses?" or do I only get to put $10,000 in that section?
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Yes, report $10,000 which will be free of the early withdrawal penalty. You will pay regular income tax on the $50,000.
Yes, $10,000 for traditional or ROTH.
You don't say if it is a traditional IRA or a ROTH. The answer from Bsch4477 is correct for a traditional IRA.
The ROTH is a little different as you have a taxed basis and a 5 year holding period or age 59.5 or disabled, along with purchase of home (limited to $10,000)
See Topic No. 557, Additional Tax on Early Distributions From Traditional and Roth IRAs
To determine ROTH taxability, see Pub 590 chart.
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