Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 6, 2024 10:35:08 AM

I am a first time homebuyer and withdrew $7900 from my 403(b) to go towards costs related to the purchase of my home, would i place this amount under "other"

0 2 1751
2 Replies
Level 15
Apr 6, 2024 10:39:35 AM

The 10% early distribution penalty exclusion for a first time home purchase is only when the distribution is from an IRA.

Using funds from the 403(b) are not an exception to the early withdrawal penalty.

Level 15
Apr 6, 2024 2:18:09 PM

And just to be clear, a 403(b) is not an IRA.