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New Member
posted Jan 29, 2023 1:18:37 PM

I am over 60 years and drew funds from a traditional IRA in 2022 for pmt of a contract on a new home that will be primary residence in 2023. Is the withdrawal taxable?

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1 Replies
Level 15
Jan 29, 2023 1:21:30 PM

Yes it is taxable.   You are not subject to the 10% early withdrawal penalty since you were older than 59 1/2, but a distribution from a retirement account is taxable.  You will receive a 1099R for the money you took out.

 

To enter your retirement income, Go to  Federal> Wages and Income>Retirement Plans and Social Security>IRA  401 k) Pension Plan Withdrawals to enter your 1099R.