As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

sugjoo · ‎March 28, 2020

We have 2 1099-R. Each has 10,000 on it.

DoninGA · ‎March 28, 2020

Only the 10% early distribution penalty is exempted when you are a first time home buyer, not the taxable portion of the distribution. That is entered on your tax return as ordinary income.

macuser_22 · ‎March 28, 2020

Be sure that you selected which spouse the 1099-R is for.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

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As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

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As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

As first home buyer, me and my wife withdrew $10,000 each from our own simple IRA; total $20,000. However, TurboTax only waive $10,000. What should I check?

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