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mwiley002
New Member

I'm 61 years old. If I withdraw $s from my IRA on 12/24/19 to buy a home and replace it in January 2020, am I required to pay taxes on the withdrawal as 2019 income ?

 
2 Replies
rjs
Level 15
Level 15

I'm 61 years old. If I withdraw $s from my IRA on 12/24/19 to buy a home and replace it in January 2020, am I required to pay taxes on the withdrawal as 2019 income ?

As long as you complete the rollover within 60 days after the withdrawal you can report it as a nontaxable rollover on your 2019 tax return, even though you don't complete the rollover until 2020.

mwiley002
New Member

I'm 61 years old. If I withdraw $s from my IRA on 12/24/19 to buy a home and replace it in January 2020, am I required to pay taxes on the withdrawal as 2019 income ?

Thanks

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