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imran-h-khan
New Member

I bought a house with my 401K withdrawl - how do i report that to get tax credit

what is the right code to use for box 7
1 Reply
jerry2000
Alumni

I bought a house with my 401K withdrawl - how do i report that to get tax credit

There is no tax credit for using 401k funds to buy a house. And no special tax treatment for the distribution. The distribution is fully taxable as ordinary income and if you were under 59 1/2 there is an extra 10% penalty for early withdrawal.

You use the Box 7 code that is on your 1099-R. Do not change it.
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