First time home buyer Simple Ira withdrawl

Bought home used IRA with drawl for down payment, why did refund go down with no tax and no penalty?

posted

Connect with an expert

1 Reply

First time home buyer Simple Ira withdrawl

This distribution is not tax free. It is subject to ordinary income tax. The first-home exception only exempts you from the early-distribution penalty, not the income tax.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post