Cashed out 401k to purchase primary residence. There is no mortgage, what if any tax breaks or credits are we entitled to?

posted

Nothing for the 401K cash out. It is taxable and a 10% Early Withdrawal Penalty if you are under 59 1/2. And it will probably push you into a higher tax bracket. You can deduct property taxes on the house if you itemize deductions.

Oklahoma resident Jan 1 2024, bought Florida house April but did not physically move until December. Use ok address primary but can still deduct fl mortgage interest?

in Deductions & credits

Expert does your taxes

Do it yourself

Resources

Support

Cashed out 401k to purchase primary residence. There is no mortgage, what if any tax breaks or credits are we entitled to?

Cashed out 401k to purchase primary residence. There is no mortgage, what if any tax breaks or credits are we entitled to?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

Cashed out 401k to purchase primary residence. There is no mortgage, what if any tax breaks or credits are we entitled to?

Do you have an Intuit account?

Cashed out 401k to purchase primary residence. There is no mortgage, what if any tax breaks or credits are we entitled to?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert