You'll need to sign in or create an account to connect with an expert.
Yes, it must be reported, and is likely taxable for Federal (if a Traditional IRA), plus subject to an additional 10% penalty for early withdrawal, plus state taxes as applicable. Enter the 1099-R here:
Federal > Wages and Income > Retirement.
This an expensive way to buy property.
Possibly, if you've had the account for more than 5 years, you won't be subject to taxes or penalties when withdrawing earnings for a first-time home purchase (up to $10,000). Distributions above that are taxable. You will have to report the distribution on your tax return.
Here's how to enter your 1099-R in TurboTax:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Phillip6000
Level 1
Phillip6000
Level 1
chinths
New Member
Jean781
New Member
megan0956
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.