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Level 1
posted May 31, 2019 6:12:28 PM

Cant find first time homebuyer tab for ira distribution

0 7 1727
1 Best answer
Level 15
May 31, 2019 6:12:29 PM

The questions for the 10% early withdrawal penalty exception do not appear right after you enter the 1099-R, they're later in the program after you finish Deductions and credits.

To enter the exception, starting from the "Federal Taxes" tab, select "Deductions & Credits". Select "Choose Explore on my own or I'll choose what to work on ." At the end of the Deductions & Credits section, select the "Done with Deductions" button. After several screens (depending on what entries you've made) you will come to the “Penalty May Apply” screen.   Here you can pick the exception.

You can also go to the section under:
Federal Taxes,
Other Tax Situations,
Additional Tax Payments,
Extra Tax on Early Retirement Withdrawals

7 Replies
Level 15
May 31, 2019 6:12:29 PM

The questions for the 10% early withdrawal penalty exception do not appear right after you enter the 1099-R, they're later in the program after you finish Deductions and credits.

To enter the exception, starting from the "Federal Taxes" tab, select "Deductions & Credits". Select "Choose Explore on my own or I'll choose what to work on ." At the end of the Deductions & Credits section, select the "Done with Deductions" button. After several screens (depending on what entries you've made) you will come to the “Penalty May Apply” screen.   Here you can pick the exception.

You can also go to the section under:
Federal Taxes,
Other Tax Situations,
Additional Tax Payments,
Extra Tax on Early Retirement Withdrawals

Level 15
May 31, 2019 6:12:31 PM

I added a screen shot above

Level 1
May 31, 2019 6:12:32 PM

Thanks so much !!!!

Level 15
May 31, 2019 6:12:32 PM

The exception screen will show up in the 1099-R interview depending on the code that is entered in box 7.  If coded with a 1 for Early Withdrawal, No Know Exception the exception screen is in the interview.  Added screenshot to answer.

Level 1
May 31, 2019 6:12:33 PM

Thanks !!!

Level 15
May 31, 2019 6:12:34 PM

Of course this all assumes you are under 59 1/2 and the 1099R is assigned to the right person.

Level 15
May 31, 2019 6:12:37 PM

You have to enter the Form 1099-R into the program making sure that you have checked the IRA/SEP/SIMPLE box.

After completing entry of the Form 1099-R you will go through a series of screens with questions to answer.  The interview will eventually present you with a screen titled Did you use your IRA to pay for any of these expenses?

On that screen is the first time home purchase for the 10% early withdrawal penalty exception.  Enter the amount used to pay for the purchase in the box First home purchase (up to $10,000)

To enter a form 1099-R

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Wages and Income (Personal Income using Home and Business)
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Retirement Plans and Social Security
  • On IRA, 401(k), Pension Plan Withdrawals (1099-R), click the start or update button